The Insurance Association of India was established according to the provisions of the Insurance Act, 1938. It consists of all insurers conducting business in India. The Insurance Regulatory and Development Authority has established two councils of the Insurance Association of India, namely, the Life Insurance Council and the General Insurance Council. Members and chairmen to Executive Committee of both the councils are nominated by the Insurance Regulatory and Development Authority. The Executive Committees of the Councils are entrusted with the following functions:
To advise and assist insurers in setting up standards of conduct and sound practice and in the matter of rendering efficient service to policy holders.
To advice the Authority in the matter of controlling the expenses of insurers.
To inform the Authority of any insurer acting in a manner prejudicial to the interests of policy holders.
