The Gazette of India
EXTRAORDINARY
PART I—Section I
PUBLISHED BY AUTHORITY
No 102j NEW DELHI, FRIDAY, MAY 18, 1979/VAISAKHA 28, J901
Separate paging is given to this Part in order that it may be filed as a separate compilation.
5 62 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SfiC^ 1]are geared to meet the changing requirements of the national economy and the insuring public. Ihe Government have, therefore, decided lo appoint a high-Jcve] Committee to te- view the Corpoi ation's working in all major aspects and lo suggest measures,' for improvement.
The Committee will consist of the following ;—
Chairman :
Shri Era Sezhiyan, Member, Rajya Sabha.
Members:
1. Prof. V. M. Dandekar,
Gokhale Institute of Politics, and Economics, Pune, and Director, Indian School of Political Economy, Lonavala.
2, Shri A. Rajagopalan,
Former Chairman of the General Insurance Corporation of India, Bombay.
3. Dr. S. K. Chakravarty,
Professor of Financial Management, Indian Institute of Management, Calcutta.
4. Dr. D. P. Singh, Vice-Chancellor, Rajendra Agricultural University, Patnn (Bihar).
5. Shri R, M. Mehta,
Former Managing Director, Life Insurance Corporation of India, Bombay.
6. Shri S, Ramana'han, Additional Secretary, Department of Economy Affairs, Ministry of Finance
2 Shri A. Srrnivasan, Executive Director, Life Insurance Corporation, will act as Secretary of the Committee.
i
" 3. The terms of reference of the Committee will be as follows :—
(a) To review the progiess of life inyurance since na- tionalisation, lo assess the potential for its growth, particularly in Ihe rural areas, and to suggest s'eps for acccleiatmg the development of the business ;
(b) to examine the organisation of the Corporation at different levels including the set up of the field force and to suggest such changes as may lead to greater eilierency and economy in operation ;
fc) to recommend measures for improving the quality MINISTRY OF FINANCE
of service to policyholders ;
(Department of Economic Affairs)
New Delhi, the 18th May, 1979
RESOLUTION
F. No. 98(3)Ins. n/78.—Since the establishment of the 1 ife Jns-jranoe Corporation of India in 1956, (here have been vast changes) in the economic scene and national priorities. Increasing emphasis H now being laid on rural development, removal of unemployment and provision of essential social services. With the gtowth of life insurance, expectation" in respect of ihe setvico and benefits to the policy holders have gone up considerably and demands have been made for moie economic management, better leturn and improvement in the service to policyholdcrs, and icoricnta ion of the invest- ment policy. Suggestions have also been made for changes in the organisational set-up of the Corporation for achieving the desired objectives. It is necessary that the life insurance industiy's stiuctuic, business operation and investment policy- (d) to examine the existing pattern of investments of (he Life Fund and to sJggcst such changes, as may be considered necessary, for improving the return on the investments consistent wi'h the safety of the capital and the national priorities; and
fe) to make any other recommendations which will contribute to more effective management ' of life insurance business.
4. The headquarters of the Committee will be at Bombay. The Secre'anat services will be provided by the Life Insurance Coiporiition of India.
5 The Committee wi'l devise its own procedure and may call for such information and take Mii-h evidence as it may consider necessary.
6. The Committee will submit its reporl within six momhs.
MANMOH \N SINGH, Secy.