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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.

(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).

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).



Insurance Act, 1938 Back




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