Ministry Notification

(f) "Insurance Council" means, the Life Insurance Council and the General Insurance Council referred to in section 64C of the Act.

(g) "Insurance Regulatory Authority" means, a body established by Government of India vide Resolution No. 17(2) / 94 Ins. V, dated 23-01-1996, to monitor the orderly growth of insurance industry.

(h) "Insurance Company" means, the Life Insurance Corporation of India, the General Insurance Corporation of India and any other company, which has been given a license to carry on business of life insurance or of the general insurance, as the case may be.

(i) "Insured person" means, an individual by whom or on whose behalf an insurance policy has been taken on personal lines.

(j) "Life Insurance Corporation of India" means, the Life Insurance Corporation of India established under the Life Insurance Corporation Act, 1956.

(k) "Personal lines' means, an insurance policy taken or given in an individual capacity.

5. Governing body of Insurance Council -
(1) There shall be a Governing Body of the Insurance Council which will consist of one representative from each of the insurance companies.

(2) The representatives of an insurance company shall ordinarily be a Chairman or a Managing Director or any one of the Directors of such company.

(3) The Governing body shall formulate its own procedure for conducting its business, including the election of the Chairman.
Provided that the Chairman of the Life Insurance Corporation of India shall act as the first Chairman of the governing body.