Introduction
The Life Insurance Council (LIC) is comprised of 9 members drawn from executives in Life Insurance Companies. The LIC reports to the Board on a regular basis. The 9 Members carry out the following roles:-
- A chairman elected by the Board in accordance with Article 10 (c) of the Constitution
- The three members of the Board elected to serve on the Life Insurance Council in accordance with Article 14 (b) and (d) (ii).
- Four additional members appointed by the Board in accordance with Article 10(d).
Main Responsibilities
- Address business growth and development issues, and any constraints, facing Life Insurance sector;
- Promote technical co-operation among members; advance technical skills and mutual understanding among Members through seminars, meetings and sharing of data on market trends;
- Enhance underwriting standards among Members, to take account of changing economic; legislative and social trends;
- Analyze and deal with legislative and statutory impediments to profitable expansion and growth of Insurance business;
- Present to the Board proposed amendments for submission and negotiation with relevant authorities;
- Create and promote a harmonious atmosphere in the competitive environment;
- Act as a watchdog for the Board on implementation of the agreed self-regulation measures and in the observance of fair trade practices; report any breaches to the Board;
Specific Tasks
- Determine the number and nominate members for each Technical Committee;
- Recommend to the Board the Terms of Reference of each of its Committee or Sub-Committees;
- Establish Sub-Committees and Working Groups as deemed necessary from time to time to assist committees in discharging their functions;
- Fill any vacancy that may arise in the Technical Committees, Sub-Committees and Working Groups;
- Supervise and co-ordinate activities of Technical Committees and Sub-Committees or Working Groups; Approve the annual programme of activities for each Technical Committee;
- Approve annual budget for each Technical Committee as necessary;
- Establish additional Committees or propose changes in the Council as deemed necessary;
- Ensure that Members Forum is convened at least twice a year and formulate agenda for discussion during Members Forum;
- Report periodically to the Board on the activities of the Council; undertake any other assignment as may be delegated by the Board.
LIC Technical Committees
