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Report No. 190 Special provisions relating to external companies (Sections 62-64) 8.9.27 Sections 62 to 64 provide for non-Indian companies/insurers established outside India. These provisions hade become redundant even before the enactment of IRDA Act 1999 and Insurance (Amendment) Act 2002. Now the IRDA Act 1999 which also amended the Insurance Act 1938, specifically provides that no insurer other than an Indian insurance company shall begin to carry on any class of insurance business in India after the commencement of IRDA Act (proviso to section 2C of the Act of 1938). In view of this provision, obviously, the aforesaid special provisions relating to non-Indian companies have become irrelevant and, therefore, require repeal. Insurance councils and powers of the Executive Committee (Section 64-I) 8.9.28.1 The functioning of the Insurance councils constituted under section 64C acquires important in view of the changed policy of permitting private players in the insurance field. A suggestion has been made that the representative of the IRDA in these councils should not also be the chairperson of such councils. This requires some discussion. 8.9.28.2 Section 64 UI deals with the power of the executive committee of the Life Insurance Councils to hold examinations for insurance agents. The repeal of the section has been suggested in the context of accreditation to Insurance Institute of India. Power to remove difficulties (Section 64 UL) 8.9.29 In this section, the words "Central Government" may be replaced by the word 'Authority'.    |
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