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