The General Insurance Council has been constituted under section 64C of the Insurance Act, 1938 by

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	IRDAI
B	Government of India
C	Finance Ministry
D	NABARD

Explanation:

Detailed explanation-1: -1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of general insurance business. 1957: General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices.

Detailed explanation-2: -Section 26 (1) of IRDAI Act, 1999 and 114A of Insurance Act, 1938 vests power in the Authority to frame regulations, by notification.

Detailed explanation-3: -Section 27A in The Insurance Act, 1938.

Detailed explanation-4: -As per Section 64C of the Insurance Act, 1938 (and amended in January 2015) all general insurers, health insurers and reinsurers granted registration and licence by IRDAI to carry out business in India are members of the General Insurance Council.

There is 1 question to complete.