COUNCIL

The management and control of the Institute and its property, affairs and business shall be carried on by and vested in the Council subject to the provisions of the Memorandum and Regulations of the Institute. Subject as aforesaid, the Council shall have power from time to time to make, revoke and vary rules and/or bye laws for the conduct of the business and affairs of the Institute and the Council, and to appoint Committees from among its own members and/or others and to delegate to such committees such of its powers as it may deem expedient.

The Council shall consist of not less than 15 and the Council may decide not more than 60 persons as from time to time. The total strength of the Council as may be decided by the Council from time to time shall be communicated to the Institute Members, the General Insurance Corporation of India and the Life Insurance Corporation of India. The General Insurance Corporation of India and the Life Insurance Corporation of India shall each be entitled to nominate to the Council such number of persons as are equal to the figure arrived at by dividing by four the figure obtained by adding 1 to the total strength of the Council for the time being, provided, however, that fractional figure shall be rounded off to the next higher integral figure. The remaining members of the Council so as to make up the total strength of the Council for the time being, so decided upon, shall consist of persons to be elected as herein after provided from amongst the Institute Members. In addition, the Chairman and the Deputy Chairman of the Board of Education shall be ex-officio Members of the Council.

The Council so constituted as aforesaid shall elect amongst themselves a President, Deputy Presidents (not exceeding six) and may elect Honorary Secretary or Secretaries (not exceeding two) and a Treasurer. The President shall hold office for a term of two years and the Deputy Presidents for one year, provided that they shall vacate office when the Council elects their successors

All elections for the purpose shall be held at the first meeting of the Council after the respective Annual Conference.

The elected representatives from amongst the Institute members shall remain in office for a period of two years until fresh representatives are elected. The method of election and allocation of seats of such representatives amongst the individual Institutes shall be decided by the Council from time to time taking into account the strength of membership of each Institute. Election of each such representative shall be made by the members of the Committees of the respective Institutes from amongst its own members provided, however, that such representatives shall be Fellows of the Institute or Associates of the Institute with three years standing or persons who shall have been in insurance profession for not less than seven years.

The nominees of the General Insurance Corporation of India shall hold office until the General Insurance Corporation of India nominates any other person or persons in his or their place.

The nominees of the Life Insurance Corporation of India shall hold office until the Life Insurance Corporation of India nominates any other person or persons in his or their place.

The ex-officio members of the Council shall continue to be members of the Council as long as they hold their respective offices.

Any casual vacancy in the Council from the elected representatives of the Institute Members may be filled up by the Council by co-option but the person so co-opted shall be the person who is recommended to the Council by the Committee of the Institute Member to which the person ceasing to be the Council Member belonged. The person so co-opted shall hold office up to such time as the person in whose place he is appointed would have held office if it had not been vacated. The General Insurance Corporation of India or the Life Insurance Corporation of India shall fill any casual vacancy arising from the nominees of the General Insurance Corporation of India or the Life Insurance Corporation of India as the case may be by nominating a person in his place.

The office of a member of the Council shall be vacated if:

a Member resigns from the Council,

a Member of the Council does not attend three consecutive meetings without leave of absence being granted by the Council,

a Member representing Institutes (i) ceases to be a member of any Associated Institute or (ii) ceases to be a resident member of the Institute which has elected him or on whose behalf he is co-opted to the Council and the fact is notified to the Institute by the Committee of the concerned Institute.

The Council shall meet for the dispatch of business at such times and places as they may determine. Five members shall for a quorum.
If within half an hour from the time appointed for holding a meeting of the Council, a quorum is not present, the meeting shall stand adjourned for thirty minutes on the same day and same place.

If at the adjourned meeting also, a quorum is not present within half an hour from the time appointed for holding the meeting, the members present shall be a quorum.

The Council may also take decisions by Circulars, if a majority of the Council Members does not object to any recommendations made therein within the time prescribed in the circular, which shall not be less than 14 days.

At all the meetings of the Council, the President, if present, shall be the Chairman. Otherwise, a Deputy President shall be the Chairman. In their absence, the Chairman shall be elected from among those present.

Fourteen days notice of a meeting of the Council, or any shorter notice in case of emergency, shall be delivered or sent to each member of the Council at his registered address, and such notice shall, so far as practicable, contain a statement of the business to be transacted at such meeting.

At all meetings of the Council, the decisions shall be by majority and in case of equality of votes the Chairman shall have a casting vote in addition to his original vote

The Chairman of any meeting of the Council may, with the consent of the meeting, adjourn the meeting from time to time and from place to place in the same town but no business shall be transacted at any adjourned meeting other than the business left unfinished at the meeting from which the adjournment took place. No notice need be given of an adjourned meeting

POWERS & DUTIES OF THE COUNCIL

It shall be the duty of the Council to co-ordinate and direct the work of the Institute and assist the Associated Institutes and all Committees, and to deal with all matters in the interest of the Institute and to present at each Annual Conference a report on the position of the Institute, financial and otherwise and on the affairs and proceedings of the Institute during the past year.

The Council shall have power to regulate their own procedure and to make provision for carrying out the objects of the Institute, and for conducting its affairs and shall, subject to the provisions of the constitution and of the Bye-laws, have the sole control and management of the income, property and affairs of the Institute, and may exercise all powers and do such acts and things as may be exercised or done by the Institute. The Council may make such rules and/or bye-laws as they may from time to time determine for the proper administration of the Institute, provided, that no such rules or bye-laws shall be in contravention of any provision contained in the Memorandum and/or the Regulations.

For the purpose of effectuating the educational objects of the Institute, the Council shall have the following powers:

To appoint upon such terms and conditions and vary the same and to dismiss officers and staff of the Institute as they may deem fit.

To collect all subscriptions and other dues and to incur all expenses in the conduct of the Institute

To frame rules for association and affiliation of insurance institutes and admission of new members or new classes of members and to admit them.

To associate to the Institute existing bodies or Institutes in India or new Bodies or Institutes that may be established in future in India.

To affiliate Insurance Institutes outside India to the Institute on such terms and conditions as may be provided by the Rules and Regulations of the Institute

To give grants to any Associated or affiliated Institutes for educational purposes.

To purchase or take on lease or otherwise acquire any building, offices or rooms for the purposes of Institute, and to sell, assign, sub-let or surrender the same as circumstances may require.

To employ any part of the funds of the Institute in the provision and maintenance of a suitable collection of books, reports, statistics, accounts, papers, maps, plans, instruments, models and other things of interest to the insurance profession.

To publish a Journal and study courses, and provide such other material as may be required for postal tuition or correspondence course.

To apply such portion or portions of the funds of the Institute as they may think fit towards forming and maintaining a Reserve Fund for the general purposes of the Institute.

To invest all funds not immediately required for the purposes of the Institute in the name of the Institute or its Bankers in any form of investments as the Council may think fit and to vary such investments from time to time and to take all such steps as may be necessary or expedient for the protection or realization of any investment.

To borrow money temporarily and to pay interest thereon.

To employ any part of the funds of the Institute in the payment for lectures and for expenses incidental thereto and the foundation or grant of scholarships, exhibitions, prizes and medals in connection with any of the subjects of the examination held by the Institute, or furthering any of the objects and educational activities of the Institute.

From time to time to appoint any persons to act as local or foreign representatives or agents of the Institute, either in any honorary capacity, or on a remuneration, and generally on such terms and for such period as the Council may determine.

Subject to the provisions of the Memorandum and Regulations to enter into such contracts and to do all such acts and things as they think expedient for the furtherance of the objects of the Institute.

To solicit, obtain or accept subscriptions, donations, grants, gifts, devices, bequests and trusts from any person, firm, corporation or institution.

To accept and receive in any manner whatever any cash or immovable or movable property either unconditionally or subject to any special trusts created by any particular donor in furtherance of any one or more of the objects of the Institute.

To purchase, rent, lease, hold and dispose of any building, or buildings to be used as a place of meeting for the Members of the Institute as well as of the Associated Institutes, or as a college, lecture or reading room or library, or for social purposes or any other property, real or personal, for the advancement of the above objects or any of them.

To sell, manage, transfer, exchange, mortgage, demise, dispose of or otherwise deal with any property whatever belonging to the Institute.

To borrow and raise moneys with or without security or on the security of a Mortgage, Charge, or Hypothecation or Pledge over all or any of the immovable or movable properties belonging to the Institute or in any other manner whatever.

To pay out of the funds belonging to the Institute or out of any particular part of such funds all expenses of or incidental to the formation of the Institute and management and administration of any of the foregoing objects including all rents, rates, taxes, outgoings, and the salaries and other benefits of the employees.

To draw, make, accept, endorse and discount Cheques, Notes or other negotiable instruments.

) For the purpose of the Institute to sign, execute and deliver such assurances and deeds as may be necessary.

To take over the functions and activities of similar bodies, with their assets and liabilities and to amalgamate with any other Society, Institution or Association having objects similar to those of the Institute.

COMMITTEES

The Council may appoint Committees from among its own Members and others and delegate to them any of the powers of the Council or assign to them such duties as the Council thinks fit. The Committee shall in the exercise of their powers conform to any instructions given by the Council, but shall in all other respects regulate their own procedure. The President and Honorary Secretaries shall be ex-officio Members of all Committees.

BOARD OF EDUCATION

The Council shall constitute a Board of Education consisting of Chairman, Deputy Chairman and not more than 15 other members, 10 of who shall be selected by the Council from amongst the members of the Council and/or others.

The Board of Education shall have power to co-opt not more than 5 members from amongst the members of the Council and/or others.

Vacancies occurring in the Board shall be filled up by the Council from time to time. The Council may also vary the personnel of the Board if it considers necessary. The whole Board shall be reconstituted every three years.

The Board shall have such of the powers as may be considered necessary such as preparing syllabus, preparing study course, arranging for tuitions, oral and through correspondence, arranging for holding of examinations, appointing examiners and such other powers in connection with education and examinations.

The Board shall frame rules for conduct of their business.

The Board shall frame curriculum for studies and the regulations for the different examinations. The Board shall also prepare a budget at the beginning of each year and get it approved by the Council.

The Board shall submit its report on the work done at least once a year. The Board shall also submit a report to the Council upon the result of the examination. The Board shall issue or cause to be issued certificates of having passed and, if awarded, the Council, unless withheld for any reasonable cause, to the successful candidates on payment of such fees as may fix certificates of merit, prizes or medals. The Council shall submit the report of the Board or an abstract thereof, to the next ensuing annual conference.

The Board of Education shall be the final authority in respect of the conduct of the examination, the results thereof and/or any disciplinary or other action that it may think fit to take in connection with any examination or tests and the Council shall accept and adopt the report and/or recommendations of the Board in that regard, and act accordingly.

On recommendation of the Board, the Council may grant dispensation from any prescribed course of education or examination or part thereof. Such dispensation may be granted to individuals or classes of individuals, in respect of whom the Council is satisfied that they possess qualifications for Fellowship or Associateship (as the case may be) of the Institute.