IRDAI has issued the regulation titled IRDAI (Insurance Advisory Committee) (Amendment) Regulations, 2025 bearing reference number IRDAI/Reg/2/209/2025 dated January 01, 2025 ,amending certain provisions of the IRDAI (Insurance Advisory Committee) Regulations, 2000, bearing reference number IRDA/Reg./7/2000, with the objective to enhance the clarity and efficiency in advisory functions of the Insurance Advisory Committee. A table showing comparison between the earlier provisions and the amended provisions of the Regulations is as under:
| Regulation | IRDAI (Insurance Advisory Committee) Regulations, 2000 | IRDAI (Insurance Advisory Committee) (Amendment) Regulations, 2025 | Remarks |
|---|---|---|---|
| Reg 2(e) | “Designated Officer” means any officer of the Authority charged with the duty and responsibility of issuance of notice, circulation of agenda, recording and safe-keeping of the minutes of the meeting of the Advisory Committee. | “Secretary” means any officer of the Authority charged with the duty and responsibility of issuance of notice, circulation of agenda, recording and safe-keeping of the minutes of the meeting of the Advisory Committee. | The words ‘Designated Officer’ has been substituted with ‘Secretary’. |
| Reg 3(2) | The Advisory Committee may meet as often as may be considered necessary but not less than two times in a calendar year, for advising the Authority on matters relating to the making of the regulations under section 26 of the Act and also on such other matters as may be prescribed under sub-section (5) of section 25 of the Act. | The Advisory Committee may meet as often as may be considered necessary but shall meet generally 2 times in a financial year, for advising the Authority on matters relating to the making of the regulations under section 26 of the Act and also on such other matters as may be prescribed under sub-section (5) of the section 25 of the Act. | The original regulation stated that the Advisory Committee shall meet at least two times in a calendar year, while the amended regulation specifies that the committee shall meet generally twice in a financial year, providing a clearer time frame for meetings. |
| Reg 3(3) | The meetings of the Advisory Committee shall be held at such place and time as may be decided by the Chairperson. | The meetings of the Advisory Committee shall be held at such place, mode and time as may be decided by the Chairperson. | The amended regulation adds “mode” to the original provision, stating that the meetings of the Advisory Committee shall be held at a place, mode, and time decided by the Chairperson. |
| Reg 3(5) | The notice and agenda for the meeting shall normally be circulated seven days in advance by the Designated Officer. The notice and agenda may be delivered to the members personally upon acknowledgement or dispatched by registered post or courier service or transmitted through any other secure and reliable modern means of communication, as may be recognized under any law for the time-being in force. Provided, however, that the Chairperson may convene an emergent meeting of the Advisory Committee by giving at least forty-eight hours’ notice. | The notice and agenda for the meeting shall normally be circulated seven days in advance by the Secretary. Provided that, if deemed necessary, the same may be circulated in less than seven days, upon approval of the Chairperson of the Authority. The Chairperson may convene an emergent meeting of the Advisory Committee by giving at least twenty-four hours’ notice. | The amended regulation updates the original provision by replacing the Designated Officer with the Secretary for circulating the notice and agenda, allowing for less than seven days’ notice with the Chairperson’s approval, and reducing the notice period for an emergent meeting from forty-eight hours to twenty-four hours. |
| Reg 5(5) | The designated officer shall send a copy of the minutes as finalized and approved by the Chairperson or the presiding member, as the case may be, to each of the members for his/her information. | The Secretary shall send a copy of the minutes as finalized and approved by the Chairperson or the presiding member, as the case may be, to each of the members for his/her information. | The words ‘designated officer’ shall be substituted with ‘Secretary.’ |
| Reg 5A | No Provision | 5A. Resignation and removal from office: (1) Any Member of the Insurance Advisory Committee may offer resignation by giving a notice in writing addressed to the Chairperson of the Authority and such resignation shall take effect from the date on which it is accepted. (2) The Authority may remove any member of the Insurance Advisory Committee who- (a) is, or at any time has been, adjudged as an insolvent; or | New provision added. |
A copy of the Regulations is attached for your ready reference.
Source category: IRDAI
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