Life Insurance Corporation Act, 1956
19. Committees of the Corporation.-
1. The Corporation may entrust the general superintendence and direction of its affairs and business to an Executive Committee consisting of not more than five of its members and the Executive Committee may exercise all powers and do all such acts and things as may be delegated to it by the Corporation.
2. The Corporation may also constitute an investment Committed for the purpose of advising it in matters relating to the investment of its funds, and the Investment Committee shall consist of not more than seven members of whom not less than three shall be members of the Corporation and the remaining members shall be persons (whether members of the Corporation or not) who have special knowledge and experience in financial matters, particularly, matters relating to investment of funds.
3. The Corporation may constitute such other Committees as it may think fir for the purpose of discharging such of its functions as may be delegated to them.