About Life Insurance Council
Life Insurance Council is a Statutory Body constituted under Sec.64C of Insurance Act 1938, enacted by the Government of India.
Life Insurance Council connects various stakeholders of the sector. It develops and coordinates all discussions between the Government and Regulatory Body (IRDAI). All Life Insurance Companies granted license by IRDAI are required to be members of Life Insurance Council as per the Insurance Act, 1938.
Life insurance Council consists of representatives of various life insurance companies carrying out the business of Life Insurance in India. The Council maintains a secretariat, which advices and services the members in order to render the efficient services to all the stakeholders.
The broad objectives of the Council are defined in the Insurance Act, 1938 which is to prevent unhealthy competition among the members, setting up and upgradation of standards and practices among the members for rendering qualitative services and to have united and joint representation before the authority concerning common interest of the insurer of life insurance business.