Licentiate Examination - IC 14 - Regulation of Insurance Business Exam - Important Points
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In the year 2000 reforms were initiated by the Government and the IRDA was formed and the insurance sector was liberalized and opened up to private sector participation.
The Insurance Association of India (IAI) has two councils: Life Insurance Council and General Insurance Council.
Life Insurance Council is a forum that connects the various stakeholders of the sector. It develops and coordinates all discussions between the government, Regulatory board and the public. In short it is the face of the Life Insurance Industry
Life Insurance Council - Constitutes under Section 64C of Insurance Act 1938
As part of the reforms process GIC was delinked from its 4 subsidiaries and was converted into a re-insurance company. The ownership of the 4 subsidiaries was passed on to the Central Government.
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