IRDAI issued the draft IRDAI (Insurance Advisory Committee) (Amendment) Regulations , 2024 (“ Draft Regulations ”) on November 04, 2024, with the objective to enhance the clarity and efficiency in advisory functions of the Insurance Advisory Committee.
The key highlights of the Draft Regulations are as below
- Flexibility in conducting number of meetings rather than hardcoding the number of meetings and considering Financial Year instead of Calendar for reckoning the number of meetings.
- Provision to allow circulation of notice and agenda for the meetings to Members of Insurance Advisory Committee (“IAC”) in less than 7 days with the approval of the Chairperson.
- Change of name from “Designated Officer’ to ‘Secretary to the Authority’
- Provision for enabling the Chairperson to decide the mode of meeting along with place and time.
- Reducing the notice period to 24 hours for convening an emergent meeting of the IAC.
- Inclusion of the following provision for Resignation and Removal of member of the IAC-
- Any member of the Insurance Advisory Committee may resign by submitting a written notice to the Chairperson, with resignation taking effect upon acceptance.
- The Authority may remove a member for reasons including:
- Being adjudged insolvent,
- Becoming physically or mentally incapable of serving,
- Conviction of an offense involving moral turpitude,
- Acquiring an interest that affects their impartiality,
- Abusing their position in a way that harms public interest,
- Being deemed unfit to remain a member, or
- Failing to attend three consecutive meetings without valid cause.
A copy of the Exposure Draft is attached herewith for your ready reference.
Source category: IRDAI
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