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Insurance body GIC opposes govt nominee in life and non-life councils

Says both umbrella bodies are self-regulated and don't depend on funds from finance ministry; govt nominees may hamper their autonomy

The insurance regulator is currently looking into the proposal, an official said

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2 min read Last Updated : Jan 27 2023 | 10:19 PM IST

The General Insurance Council (GIC), the grouping of non-life insurers, has opposed the move by the Finance Ministry to appoint a central government representative to the executive committees of both Life Insurance Council and GIC, as proposed in the Insurance Amendment Bill.

In its written submission on the proposed amendments, GIC has said both umbrella bodies are self-regulated institutions and government nominees may hamper their autonomy.

“Currently, both the Councils are self-regulated institutions as per the Amended Insurance Act, 2015. The step of appointing a Central Govt representative deprives the autonomy of both the Councils. Finally, both the Councils do not depend on funds from the ministry for their functioning and have been doing their work to the extent possible without taking funds from the authority/government. Hence, it is felt that there is no need for a central government representative to sit in the executive commi