110G. Constitution of Consultative Committee.- (1) The Central Government shall constitute a Consultative Committee consisting of the Chairperson of the Authority (who shall be the Chairman thereof) and not more than four other members having special knowledge and experience of the business of insurance. (2) The term of office of, and the allowance payable to the members of the Consultative Committee, the procedure to be followed by, and the quorum necessary for the transaction of business of, the Consultative Committee and the manner of filling casual vacancies therein shall be such as may be prescribed. (3) Before making any order under Sections 34, 34A, 34B, 34C, 34E, 34F, 34G, sub sections (4) and (7) of Section 64UM and Section 64VC, the Authority shall consult the Consultative Committee constituted under sub section (1). |
