Major Function

LIC Business :-

Review of the performance of LIC; Laying of Reports of LIC in Parliament, Appointment of Auditors for LIC; Administration of PP Act in LIC and references relating to Estate matters in LIC; Foreign operations/ subsidiaries of LIC; References on Social Security Schemes and other life insurance schemes; Review of performance and making budgetary provisions for Prime Minister Vaya Vandana Yojana (PMVVY); All Government sponsored/ supported schemes in life insurance.

Institute of Actuaries of India :-

Administration of the Actuaries Act, 2006, framing of Rules/regulations and laying thereof, Constitution of Quality Review Board, Appellate Authority, nominations on the Council of IAI

Appointments (LIC) :-

Selection & appointment of Chairman/ MDs, LIC; appointment of Directors on the Board of LIC, Permission for foreign deputation of Chairman and MDs of LIC; Permission for commercial Employment after Retirement for Chairman/ MDs, LIC and other executives of LIC.

IRDA :-

Appointment of Chairperson and Members of IRDA; Service matters of Chairman, Members of IRDA.

Service Matters :-

Service matters, rules and regulations in all public sector insurance companies; Representations on service matters by employees of public sector insurance companies; Service matters of Development Officers/ Agents/ Intermediaries; Wage Revision/ Bonus/ VRS in LIC / Public Sector General Insurance Cos; Citizen’s Charter of Life Insurance Corporation of India.

Coordination work relating to the following Committees :-

Committee for the Welfare of Women; Committee for the Welfare of SC/ST; Estimates Committee.

Miscellaneous Matters :-

Audit Paras; Placing of IRDAI Fund; MoU between IRDAI and foreign entities; Senior Citizens’ Welfare Fund; Reforms related matters of LIC Act 1956, IRDA Act 1999; Other matters relating to foreign investment and regulations of IRDA.