Section 64J:
Omitted.
(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 2Authority], 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.]
Notes:
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).