Life Insurance Council: The major function of Life Insurance Council is to assist the life insurers in maintaining high standards of service to policyholders. The council has 24 members who represent their respective life insurance companies. Presently, S Roy Chowdhury is the chairman of the council while V Jayanth Kumar and V Manickam are the Joint Director and Secretary General of the council respectively.
An important goal of the council is to transform the life insurance industry into a profitable service along with the welfare of policyholders. It interacts with the government and other bodies on various policy issues. It is also responsible for spreading insurance awareness in India. The council plays vital role in holding various events like insurance education, research, training and conference within the country.
Life Insurance Council also makes effort to build positive image of industry by gaining the confidence of policyholders. It interacts with other organization of the financial service sector. The council provides help and guidance to members. It also works as active link between the Indian life insurance industry and the global markets.
General Insurance Council:General Insurance Council promotes better understanding of non-life insurance industry among the people. The main objective of the council is to strengthen the non-life insurance industries. The council backs various demands of general insurance companies before government and regulator. It also represents the opinion of general insurance industry before various authorities. The executive committee of General Insurance Council consists of 30 members. M Ramaprasad is the chairman of the council while Randip Singh Jagpal and R Chandrasekaran are Joint Director and Secretary General respectively.
The council represents the collective interest of the general insurance companies. It is responsible for building positive image of general insurance industry among people. It also provides other services to the member companies like active role in management of commercial vehicle third party liability, management solution and other. The council develops codes of conduct for the members companies, compliance programs to observe rules and regulations etc.
It tries to maintain the reliability of people in general insurance industry. The council also takes various measures to check insurance frauds. It acts as a mediator for information and dialogue exchange with the overseas insurance associations by participating in international organizational activities and international meeting. The council holds various activities to promote international cooperation and development of business environment within the country.