(1)

There shall be an Executive Council of Insurers consisting of nine members including the Chairperson.

(2)

The members of the Executive Council of Insurers shall comprise of-

(i) two persons representing life insurers to be nominated by the Life Insurance Council ;

(ii) two persons representing General insurers, other than stand-alone health insurers, to be nominated by the General Insurance Council;

(iii) one person representing stand-alone health insurers to be nominated by the General Insurance Council;

(iv) one representative of the IRDAI; and

(v) one representative of the Central Government in the Ministry of Finance from the Department of Financial Services not below the rank of Director;

(vi) the Chairman, Life Insurance Corporation of India (LIC of India) established under the Life Insurance Corporation Act, 1956 (31 of 1956) or the Chairman, General Insurers' (Public Sector) Association of India (GIPSA) established under the General Insurance Business (Nationalisation) Act, 1972 (57 of 1972) provided they are not acting as Chairperson of the Executive Council of Insurers.

(3)

The Chairperson of the Executive Council of Insurers shall be either the Chairman of the LIC of India or the Chairman of the GIPSA by rotation.

(4)

The term of the Chairperson and members of the Executive Council of Insurers shall be three years from the date of assumption of charge.

(5)

The nominations to the Executive Council of Insurers shall be revised every three years or as and when the vacancy arises, whichever is earlier.

(6)

A member of the Executive Council of Insurers shall not be eligible for re-nomination for a period of three years from the date he ceases to be a member:

Provided that this sub-rule shall not apply to the Chairperson or to the members nominated under clauses (iv), (v) and (vi) of sub-rule (2).