The Life Insurance Council is composed as follows:

  1. A Chairman elected by the Life Insurance Forum from among Board members representing the Forum.
  2. Three elected Board Members.
  3. Three non-elected Members.
  4. The immediate past Chairman of the Life Insurance Council serves as an ex-officio member for one year.

Main Responsibilities

The Life Insurance Council reports to the Board and carries out the following responsibilities:-

  • Addresses business growth and development issues, and any constraints, facing Life Insurance sector.
  • Promotes technical co-operation among members.
  • Advances technical skills and mutual understanding among Members through seminars, meetings and sharing of data on market trends.
  • Enhances underwriting standards among Members, to take account of changing economic, legislative and social trends.
  • Analyzes and deals with legislative and statutory impediments to profitable expansion and growth of Insurance business.
  • Presents to the Board proposed amendments for submission and negotiation with relevant authorities.
  • Creates and promotes a harmonious atmosphere in the competitive environment.
  • Acts 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

  • Determines the number and nominate members for each Technical Committee.
  • Recommends to the Board the Terms of Reference of each of its Committee or Sub-Committees.
  • Establishes Sub-Committees and Working Groups as deemed necessary from time to time to assist committees in discharging their functions.
  • Fills any vacancy that may arise in the Technical Committees, Sub-Committees and Working Groups.
  • Supervises and co-ordinates activities of Technical Committees and Sub-Committees or Working Groups.
  • Approves the annual programme of activities for each Technical Committee.
  • Approves annual budget for each Technical Committee as necessary.
  • Establishes additional Committees or propose changes in the Council as deemed necessary.
  • Ensures 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.

 Technical Committees

Currently, three (3) main committees serve the Life Insurance Council.