What is the Life Insurance Council and what role does it play?
The council acts as a forum that brings together the many stakeholders of the sector. It promotes and regulates all the talks between the Government, Regulatory Board, and the Public.
This body was constituted under Section 64 of the Insurance Act 1938. It works through several sub-committees that oversee its functioning and is inclusive of all the insurance companies in India. It is stated that there are a total of 24 life insurers that work with it to offer a variety of new and traditional products.