The Insurance Act was enacted and passed in the year 1938 and came into force in the year 1939. Section 64J of the Insurance Act 1938 provides functions of the executive committee of the Life Insurance Council.
Functions of Executive Committee of Life Insurance Council -
According to Section 64J of the Insurance Act 1938
(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.
(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.