64H. (l) 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 out going members thereof shall continue to hold office and discharge 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 Insurance Council, as the case may be, shall have been constituted.
Power of Executive Committee of Life Insurance Council to hold examinations for Insurance agents
64-I The Life Insurance Council may, with the approval of the Authority authorise its Executive Committee to hold examinations for individuals wishing to qualify themselves as insurance agents for the purpose of procuring life insurance business, and if the Authority, by notification in the official Gazette, so declares, then, not withstanding anything contained in Sec. 42, only individuals who have passed any such examination shall be eligible to apply for a 1icence under Section 42:
Provided that nothing in this sub section shall affect the right of any individual, who has been licensed to act as an insurance agent under Section 42 before the date of such notification, to act as such, or to have his 1icence renewed from time to time
Functions of Executive Committee of Life Insurance Council
64J. (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 effectively to discharge its functions, ¬the Executive Committee of the Life Insurance Council may collect such sums of money, whether by way of fees or otherwise, as may be prescribed from all members and associate members of the Insurance Association of India who carry on life insurance business.
Executive Committee of Life Insurance Council may advise in controlling expenses
64K. (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 Authority in fixing under the proviso to sub section (2) of Section 40 B 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 Authority shall have due regard to the conditions obtaining in life insurance business generally during that year and he may fix different limits for 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 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 Authority may cause an investigation and valuation, as at such date as the 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 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 Authority may specify.
(4) The provisions of sub sections (1) and (4) of Section 13 and sub sections (1) and (2) of Section 15, or, as the case may be, of sub section (2) of Sec. 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 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 Authority may take such action as may be prescribed.
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