The Insurance Act 1938 is enacted and enforced in the year 1938, same is applicable to all over India, Section 64F speaks about the establishment of the Executive Committee of Life Insurance Council and Section 64J provides the Functions of the Executive Committee of Life Insurance Council.
Executive Committee of Life Insurance Council -
According to Section 64F, Executive Committees of the Life Insurance Council and the General Insurance Council —
(1) The Executive Committee of the Life Insurance Council shall consist of the following persons, namely: —
(a) four representatives of members of the Life Insurance Council elected in their individual capacity by the members in such manner as may be laid down in the bye-laws of the Council;
(b) an eminent person not connected with insurance business, nominated by the Authority;
(c) three persons to represent insurance agents, intermediaries and policyholders respectively as may be nominated by the Authority;
(d) one representative each from self-help groups and Insurance Co-operative Societies:
Provided that one of the representatives as mentioned in clause (a) shall be elected as the
Chairperson of the Executive Committee of the Life Insurance Council.
Functions of Executive Committee of Life Insurance Council.
Section 64J of the Insurance Act 1938 speaks about functions of the Executive committee of the life insurance Council which are as follows…
(1) The functions of the Executive Committee of the Life Insurance Council shall be —
(a) to aid, advise and assist insurers carrying on life insurance business in the matter of setting up standards of conduct and sound practice and in the matter of rendering efficient service to holders of life insurance policies;
(b) to render advice to the Authority in the matter of controlling the expenses of insurers in respect of their life insurance business in India; (c) to bring to the notice of the Authority the case of any insurer acting in a manner prejudicial to the interests of holders of life insurance policies;
(d) to act in any matter incidental or ancillary to any of the matters specified in clauses (a) to (c) as, with the approval of the Authority, may be notified by the Life Insurance Council in the Gazette of India. 3 (2) For the purpose of enabling it to effectively discharge its functions, the Executive Committee of the Life Insurance Council may collect such fees as may be laid down in the bye-laws made by the Council from the insurers carrying on life insurance business.