According to Sec. 64A of Insurance Act, 1938 all insurers carrying on insurance business in India will constitute a body corporate known as “Insurance Association of India.” The Insurance Associate of India will consist of (01) Members: All the insurers that are incorporated or domiciled in India (02) Associate Members: All Insurers incorporated and domiciled outside India. Sec. 64C of the Act provides for two Insurance Councils viz., (i) The Life Insurance Council: consisting of all the members and associate members of the association who carry on life insurance business in India, and (ii) The General Insurance Council, consisting of all the members and associate members of the association who carry on general insurance business in India.