O R D E R

Sub: Constitution of Committee to study the Report of the Law Commission and make recommendations – regarding

 The Law Commission submitted a Report to the Government of India indicating the amendments to be brought about in the Insurance Act, 1938 keeping in view the developments that have taken place specially the passing of the IRDA Act, 1999. While the Commission has made specific recommendations in areas which relate to legal issues, the Commission opined that in respect of a few areas a detailed examination by experts in its respective fields would be necessary to consider any changes. The following subjects that are covered by this observation are:

• Provisions relating to Investments (Sec 27, 27A & 27B)
• Sufficiency of Assets (Sec 64 VA)
• Insurance Surveyors (Sec 64UM)
• Tariff Advisory Committee (Sec 64UA & 64 ULA)
• Shareholders’ Funds & Policyholders’ Funds (Sec 49)

2. In order to examine the issues mentioned in Para 1, the Authority hereby constitutes the following Committee:

• Mr. K.P. Narasimhan, Chairman
• Mr. S.V. Mony, Member
• Mr. N.M. Govardhan, Member
• Mr. K.N. Bhandari, Member
• Mr. P.C. Ghosh, Member
• Mr. Liyaquat Khan, Member
• Mr. S.P. Subedhar, Member
• Mr. D.D. Rasgotra, Member
• Mr. K C Misra, Member
• Mr. T S Vishwanath, Member
• Mr Varadarajan, Member

3. The Committee may also indicate any other sections of the Insurance Act, 1938 which need to be amended in the light of the developments that have taken place in the insurance scene other than those covered by the Law Commission’s recommendations.

4. The Chairman and Members be paid a sitting fee of Rs.1000/- per day and conveyance of Rs.400/- per day in addition to reimbursement of expenses towards their stay and conveyance to the venue of the meeting. Chairman/Members will be reimbursed expenses towards their air travel by economy class.

5. The committee is requested to furnish its recommendations by 30 th April, 2005 .

6. Sri K Subrahmanyam, ED(Actl), will act as convener of the Committee.

This order is issued with the approval of the Chairman of the Authority.

(K. Subrahmanyam)
Executive Director