Life Insurance Council

The Life Insurance Council (LIC) is comprised of 4 members of the board. The LIC main responsibilities are to:

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.

Life Insurance Council Technical Committees