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| Structure |
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The
Life Insurance Council will have an
Executive Committee of 16 members
of which 2 will be from the IRDA and
the rest from licensed life insurers |
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The
Committee will set up standards of
conduct and practices for efficient
customer service, advise IRDA on controlling
insurers’ expenses and serve
as a forum that helps maintain healthy
market conduct |
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It
will create and manage a process for
agent examination and certification |
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The
Life Insurance Council is funded by
the Life Insurers in India |
| The
Council will |
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Strive
for a positive image of the industry
through media, forums and opinion-
makers and enhance consumer confidence
in the industry |
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Assist
the industry in maintaining high standards
of ethics and governance |
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Promote awareness
regarding the role and benefits of life
insurance |
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Organize structured,
regular and proactive discussions with
Government, lawmakers and Regulators
on matters relevant to the contribution
by the life insurance industry and act
as an effective liaison between them |
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Conduct research on
operational, economic, legislative,
regulatory and customer-oriented issues
in life insurance, publish monographs
on current developments in life insurance
and contribute to the development of
the sector |
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Set up the Mortality
and Morbidity Information Bureau (MMIB)
and take an active role in its functioning |
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Set up similar organizations
for the benefit of the life insurance
industry |
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Act as a forum of
interaction with organizations in other
segments of the financial services sector |
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Play a leading role
in insurance education, research, training,
discussion forums and conferences |
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Provide help and guidance
to members when necessary |
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Be an active link
between the Indian life insurance industry
and the global markets |
| Legislations
& Control |
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Address
common issues in legislation and practice.
Interface with the various other regulatory
bodies on behalf of the insurance
industry. |
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Identify
regularly the important issues to
be taken up with Government and/or
IRDA & PFRDA and make presentations
on behalf of the industry |
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Prepare
benchmarks for the industry in all
areas of operation and help maintain
high standards of conduct, ethics
and governance |
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Take
measures to prevent practices that
are detrimental to the interests of
the policyholders |
| Training
& Certification |
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Take
up the work relating to the training,
examination and certification of Agents
as provided in the Insurance Act |
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Play
a positive role in establishing standards,
training of officials and intermediaries
not only in products and sales but
also other aspects relevant to the
life insurance industry and lift the
level of professionalism |
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Conduct
professional development programs
in collaboration with international
councils and life insurance institutes |
| Education
& Awareness |
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Launch
regular insurance awareness programs |
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Facilitate
the conducting of Continuous Development
Programs for intermediaries |
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Provide
structured regular information to
the public about the industry |
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Launch
an interactive website/Life Insurance
Journals/newsletters |
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Organise
/ participate in major conferences,
seminars, workshops and lectures by
Indian/visiting experts on insurance
and related areas |
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Facilitate
knowledge-exchange programs (both
in India and with Councils abroad)
to develop and upgrade the skills
of local insurance professionals |
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Co-ordinate
with educational institutions in India
and overseas to encourage research,
professional development courses etc. |
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Elevate
the profession of insurance selling
and that of the Advisor, to that of
financial analysts and planners through
certification programs developed in
conjunction with Indian and International
institutions |
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Establish
a consumer relations cell |
| The Promise |
Strengthening
the role of the insurance sector in
India and creating wealth for its
people… The Life Insurance Council.
A three way interaction among the
insurer, the insured and Regulatory
body. A convergence of interests…
and the collective voice of life insurance.
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