Write short notes on the following: (iii) With Profits Committee

In terms of IRDA (Non-Linked Insurance Products) Regulations 2013, every Insurer transacting life insurance business shall constitute a 'With Profits Committee' comprising of an Independent Director, the CEO, the Appointed Actuary and an Independent Actuary. The Committee shall meet as often as is required to transact the business and carry out the functions of determining the following: The share of assets attributable to the policyholders. The investment income attributable to the participating fund of policyholders. The expenses allocated to the policyholders. The report of the With Profits Committee in respect of the above matters should be attached to the Actuarial Report and Abstract furnished by the insurers to the Authority.