64A. [Incorporation of the Insurance Association of India.]—Omitted by Insurance Laws
(Amendment) Act 2015 (5 of 2015) s. 70 (w.e.f. 26-12-2014).
64B. [Entry of names of members in the register.]—Omitted by s. 70, ibid. (w.e.f. 26-12-2014).
3
[64C. Councils of Life Insurance and General Insurance.—On and from the date of
commencement of this Act, —
(a) the existing Life Insurance Council, a representative body of the insurers, who carry on the
life insurance business in India; and
(b) the existing General Insurance Council, a representative body of insurers, who carry on
general, health insurance business and re-insurance in India,
shall be deemed to have been constituted as the respective Councils under this Act.
64D. Authorisation to represent in Councils.—It shall be lawful for any member of the Life
Insurance Council or the General Insurance Council to authorise any of its officer to act as the
representative of such member at any meeting of the Council concerned.]
64E. Authorities of the Life Insurance Council and the General Insurance Council. — The
authorities of the Life Insurance Council and the General Insurance Council shall be the Executive
Committee 4*** constituted in the manner provided in this Part.
5
[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.
1. Ins. by Act 47 of 1950, s. 45 (w.e.f. 1-6-1950).
2. Subs. by Act 5 of 2015, s. 69, for “Insurance Association of India, Councils of The Association and Committees Thereof”
(w.e.f. 26-12-2014).
3. Subs. by s. 71, ibid., for sections 64C and 64D (w.e.f. 26-12-2014).
4. The words “the Tariff Committee and other Committee thereof” omitted by Act 62 of 1968, s. 25 (w.e.f. 1-6-1969).
5. Subs. by Act 5 of 2015, s. 72, for section 64F (w.e.f. 26-12-2014).
74
(2) The Executive Committee of the General Insurance Council shall consist of the following persons,
namely: —
(a) four representatives of members of the General 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; and
(c) four persons to represent insurance agents, third party administrators, surveyors and loss
assessors and policyholders respectively as may be nominated by the Authority:
Provided that one of the representatives as mentioned in clause (a) shall be elected as the
Chairperson of the Executive Committee of the General Insurance Council.
(3) If anybody of persons specified in sub-sections (1) and (2) fails to elect any of the members of the
Executive Committees of the Life Insurance Council or the General Insurance Council, the Authority may
nominate any person to fill the vacancy, and any person so nominated shall be deemed to be a member of
the Executive Committee of the Life Insurance Council or the General Insurance Council, as the case may
be, as if he had been duly elected thereto.
(4) Each of the said Executive Committees may make bye-laws for the transaction of any business at
any meeting of the said Committee.
(5) The Life Insurance Council or the General Insurance Council may form such other committees
consisting of such persons as it may think fit to discharge such functions as may be delegated thereto.
(6) The Secretary of the Executive Committee of the Life Insurance Council and of the Executive
Committee of the General Insurance Council shall in each case be appointed by the Executive Committee
concerned:
Provided that each Secretary appointed by the Executive Committee concerned shall exercise all such
powers and do all such acts as may be authorised in this behalf by the Executive Committee concerned.]
64G. Resignation and filling up of casual vacancies.—(1) Any member of the Executive
Committee of the Life Insurance Council or of the General Insurance Council may resign his membership
of the Committee by notice in writing addressed to the chairman of the Committee to that effect.
(2) Casual vacancies in the Executive Committee of the Life Insurance Council or of the General
Insurance Council, whether caused by resignation, death or otherwise, shall be filled 1
[in such manner as
may be laid down in the bye-laws of the Council concerned], and any person so nominated to fill the
vacancy shall hold office until the dissolution of the Committee to which he has been nominated.
(3) No act of the Executive Committee of the Life Insurance Council or of the General Insurance
Council shall be called in question on the ground merely of the existence of any vacancy in, or defect in
the constitution of the Committee concerned.
64H. Duration and dissolution of Executive Committees. —(1) The duration of the Executive
Committee of the Life Insurance Council or the General Insurance Council shall be three years from the
date of its first meeting on the expiry of which it shall stand dissolved and a new Executive Committee
constituted.
(2) Notwithstanding the dissolution of the Executive Committee of the Life Insurance Council or the
General Insurance Council, the outgoing members thereof shall continue to hold office and discharge
1. Subs. by Act 5 of 2015, s. 73, for “by nomination by the Authority” (w.e.f. 26-12-2014).
75
such administrative and other duties as may be prescribed until such time as a new Executive Committee
of the Life Insurance Council or the General Council, as the case may be, shall have been constituted.
64-I. [Power of Executive Committee of Life Insurance Councile to hold examinations for
insurance agents.] — Omitted by Insurance Laws (Amendment) Act 2015 (5 of 2015) s. 74
(w.e.f. 26-12-2014).
64J. Functions of Executive Committee of Life Insurance Council. —(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 1
[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 1
[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 2
[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.]
64K. Executive Committee of Life Insurance Council may advise in controlling expenses. — (1)
It shall be the duty of the Executive Committee of the Life Insurance Council to meet at least once before
the 31st day of March every year to advise the 1
[Authority] in fixing under the proviso to
sub-section (2) of section 40B the limits by which the actual expenses incurred by an insurer carrying on
life insurance business in respect of such business in the preceding year may exceed the limits prescribed
under that sub-section, and in fixing any such limits the
1
[Authority] shall have due regard to the
conditions obtaining in life insurance business generally during that year, and he may fix different groups
of insurers.
(2) Where an insurer is guilty of contravening the provisions of section 40B with respect to the
expenses of management, the 1
[Authority] may, after giving the insurer an opportunity of being heard,
administer a warning to the insurer.
(3) Where within a period of seven years two warnings have been given to an insurer under
sub-section (2) and they have been disregarded by him, the 1
[Authority] may cause an investigation and
valuation, as at such date as the 1
[Authority] may specify, to be made at the expense of the insurer by an
actuary appointed by the insurer for this purpose and approved by the 1
[Authority], and the insurer shall
place at the disposal of the said actuary all the materials required by him for the purpose of such
investigation and valuation, within such period, not being less than three months, as the 1
[Authority] may
specify.
1. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for “Controller” (w.e.f. 19-4-2000).
2. Subs. by s. 30 and The First Schedule, ibid., for “Central Government” (w.e.f. 19-4-2000).
3. Subs. by Act 5 of 2015, s. 75, for sub-section (2) (w.e.f. 26-12-2014).
76
(4) The provisions of sub-sections (1) and (4) of section 13 and of sub-sections (1) and (2) of
section 15, or, as the case may be, of sub-section (2) of section 16 shall apply in relation to an
investigation and valuation under this section:
Provided that the abstract and statement prepared as the result of such investigation and valuation
shall be furnished by such date as the 1
[Authority] may specify.
(5) There shall be appended to every such abstract a statement signed by the actuary giving such
information as may be prescribed.
(6) On receipt of the abstract and statement furnished in accordance with sub-section (4), the
1
[Authority] may take such action as may be prescribed.
64L. Functions of the Executive Committee of General Insurance Council.—(1) The functions of
the Executive Committee of the General Insurance Council shall be—
(a) to aid and advise insurers, carrying on general 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
policies of general insurance;
(b) to render advice to the 1
[Authority] in the matter of controlling the expenses of such insurers
carrying on business in India in the matter of commission and other expenses;
(c) to bring to the notice of the 1
[Authority] the case of any such insurer acting in a matter
prejudicial to the interests of holders of general 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 2
[Authority] may be notified by the General 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 General Insurance Council may collect such fees as may be laid down in the bye-laws made by the
Council from the insurers carrying on general insurance business.]
64M. Executive Committee of General Insurance Council may advise in controlling
expenses.—(1) It shall be the duty of the Executive Committee of the General Insurance Council to meet
at least once before the 31st day of March every year to advise the 1
[Authority] in fixing under the
proviso to sub-section (1) of section 40 C the limits by which the actual expenses of management incurred
by an insurer carrying on general insurance business in respect of such business in the preceding year may
exceed the limits prescribed under that sub-section, and in fixing any such limits the 1
[Authority] shall
have due regard to the conditions obtaining in general insurance business in the preceding year, and he
may fix different limits for different groups of insurers.
1. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for “Controller” (w.e.f. 19-4-2000).
2. Subs. by ibid., s. 30 and the First Schedule (serial no. 2), for “Central Government (w.e.f. 19-4-2000).
3. Subs. by Act 5 of 2015, s. 76, for sub-section (2) (w.e.f. 26-12-2014).
77
(2) Where an insurer is guilty of contravening the provisions of section 40C with respect to the
expenses of management the 1
[Authority] may, after giving the insurer an opportunity of being heard,
administer a warning to the insurer.
(3) Where in any case two warnings given to an insurer under sub-section (2) have been disregarded
by hi m, the 1
[Authority] may take such action against the insurer as may be prescribed.
64N. Powers of the Executive Committees to act together in certain cases.—2
[The Authority may
specify] the circumstances in which, the manner in which, and the conditions subject to which, the
Executive Committee of the Life Insurance Council and the Executive Committee of the General
Insurance Council may hold joint meetings for the purpose of dealing with any matter of common interest
to both Committees, and it shall be lawful for the two Committees at any such joint meeting to delegate
any matter under consideration for the determination of a sub-committee appointed for this purpose from
amongst the members of the two Committees.
64-O. [Power of General Insurance Council to regulate rates of insurance, etc.]—Omitted by the
Insurance (Amendment) Act, 1968 (62 of 1968), s. 27 (w.e.f. 1-6-1969).
64P. [Regional Councils.] —Omitted by s. 27, ibid. (w.e.f. 1-6-1969).
64Q. [Functions of the Regional Councils.]—Omitted by s. 27, ibid. (w.e.f. 1-6-1969).
64R. General powers of Life Insurance Council and General Insurance Council. —(1) For the
efficient performance of its duties, the Life Insurance Council or the General Insurance Council as the
case may be, may—
(a) appoint such officers and servants as may be necessary and fix the conditions of their service;
(b) determine the manner in which any prescribed fee may be collected;
3
[(c) keep and maintain up-to-date, a copy of list of all insurers who are members of the either
Council;]
(d)
4
[make bye-laws for] —
(i) the holding of elections other than the first elections;
(ii) the summoning and holding of meetings, the conduct of business thereat and the number of
persons necessary to form a quorum;
(iii) the submission by insurers to the Executive Committee of the Life Insurance Council, or the
General Insurance Council, of such statements or information as may be required of them and the
submission of copies thereof by the insurers to the 1
[Authority];
(iv) the levy and collection of any fees;
(v) the regulation of any other matter which may be necessary for the purpose of enabling it to
carry out its duties under this Act.
1. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for “Controller” (w.e.f. 19-4-2000).
2. Subs. by Act 5 of 2015, s. 77, for “the Central Government may prescribe” (w.e.f. 26-12-2014).
3. Subs. by s. 78, ibid., for clause (c) (w.e.f. 26-12-2014).
4. Subs. by s. 78, ibid., for “with the previous approval of the Authority make regulations for” (w.e.f. 26-12-2014).
78
(2) The Life Insurance Council or the General Insurance Council may authorise the Executive
Committee concerned 1*** to exercise any of the powers conferred on the Life Insurance Council or the
General Insurance Council, as the case may be, under clause (a), clause (b) , clause (c) of sub-section (1).
64S. [Power of Central Government to remove difficulties.] — Omitted by Insurance Laws
(Amendment) Act 2015 (5 of 2015) s. 79 (w.e.f. 26-12-2014).
64T. [Power to exempt.] —Omitted by s. 79, ibid. (w.e.f. 26-12-2014).