Substitution of new section for section
64F.
SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 47 "64F. (/) The Executive Committee of the Life Insurance Council shall consist of the following persons, namely:—
(a) four representatives of members of the Life Insurance Council elected in their individual capacity by the members in such manner as may be laid down in the bye-laws of the Council;
Executive Committees of the Life Insurance Council and the General Insurance Council.
(b) an eminent person not connected with insurance business, nominated by the Authority; and
(c) three persons to represent insurance agents, intermediaries and policyholders respectively as may be nominated by the Authority;
(d) one representative each from self-help groups and Insurance Co-operative Societies:
Provided that one of the representatives as mentioned in clause (a) shall be elected as the Chairperson of the Executive Committee of the Life Insurance Council.
(2) The Executive Committee of the General Insurance Council shall consist of the following persons, namely:—
(a) four representatives of members of the General Insurance Council elected in their individual capacity by the members in such manner as may be laid down in the bye-laws of the Council;
(h) an eminent person not connected with insurance business, nominated by the Authority; and
(c) four persons to represent insurance agents, third party administrators, surveyors and loss assessors and policy holders respectively as may be nominated by the Authority:
Provided that one of the representatives as mentioned in clause (a) shall be elected as the Chairperson of the Executive Commillee of Ihe General Insurance Council.
(3) If anybody of persons specified in sub-sections (7) and
(2) fails to elect any of the members of the Exec