IRDAI issued the draft IRDAI (Re-insurance Advisory Committee) (Amendment) Regulations , 2024 (“ Draft Regulations ”) on November 04, 2024, with the objective to enhance efficiency of the conduct of the Re-insurance advisory Committee.
The key highlights of the Draft Regulations are as below
- Provision to empower the Chairman of the Committee to decide the mode of meeting along with place and time i.e. the Committee may meet as often as necessary, at locations within India, and at times and through modes decided by the Chairman.
- Inclusion of the following provision for Resignation and Removal of member of the Re-insurance Advisory Committee-
The Authority may remove any member of the Re-insurance Advisory Committee if they:
- are or have been adjudged insolvent;
- are physically or mentally incapable of serving;
- have been convicted of an offense involving moral turpitude;
- have a financial or other interest that could affect their impartiality;
- have abused their position to the detriment of public interest;
- are deemed unfit to remain a member; or
- have missed three consecutive meetings without valid reason.
A copy of the Exposure Draft is attached herewith for your ready reference.
Source category: IRDAI
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