General Insurance Council has restructured its executive committee (EC) without giving any representation to insurance brokers.
Insurance brokers have been crying foul over their non-representation in the EC.
The Council has, however, said there was no provision in the newly amended Insurance Act for the same. Hence, it was not possible to give representation to brokers in the EC.
Following passing of the Insurance (Amendment) Laws Bill, 2015, GIC has been constituted as the self-regulatory representative body of all non-life, health insurance and reinsurance companies registered with IRDAI for transacting insurance business in the country, GIC said in a statement.
"We have not included insurance brokers in the EC as there is no provision for the same in the Act. GI Council will hold structured meeting with brokers' association as and when necessary and invite them as special invitees whenever issues impacting them are discussed in EC," GIC secretary general R Chandrasekaran told PTI.
"Executive body of the Council has been constituted as per the intent of the legislative provision," he added.
The Council has a restructured EC consisting of four elected members from the insurance industry and five others nominated by Authority (IRDAI), representing third party administrators (TPAs), surveyors and loss assessors, agent, policy holders and an eminent person, who is not connected with insurance.
Dr Indu Shahani, former Sheriff of Mumbai and Principal, HR College of Commerce & Economics has been chosen as the eminent person.
