IRDAI has issued the regulation titled IRDAI (Meetings)(amendment) Regulations, 2025 bearing reference number IRDAI/Reg/1/208/2025 dated January 01, 2025 , amending certain provisions of the IRDAI (Meetings) Regulations, 2000 bearing reference number IRDA/Reg./7/2000 dated July 14, 2000, with the objective to enhance the clarity and efficiency of the meetings of the Authority. A table showing comparison between the earlier provisions and the amended provisions of the Regulations is as under:
| Regulation | IRDAI (Meetings) Regulations, 2000 | IRDAI (Meetings) (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, circulation and safe-keeping of minutes of the meetings of the Authority or any Committee thereof. | “Secretary” means any officer of the Authority charged with the duty and responsibility of issuance of notice, circulation of agenda, recording, circulation and safe-keeping of minutes of the meetings of the Authority or any Committee thereof. | Regulation 2(e) has been amended by substituting the term ‘Designated Officer’ with ‘Secretary’. |
| Reg 3(2) | The Authority shall meet, as often as may be necessary but not less than six times in a year, to transact its business. | The Authority may meet as often as necessary but shall meet generally four times in a financial year to transact its business. | The minimum meeting requirement has been reduced from six meetings per year to generally four meetings in a financial year. |
| Reg 3(4) | The Chairperson and in his absence, the senior most full time member of the Authority shall fix the date, time and place of meetings of the Authority and approve the items of agenda for the meetings. | The Chairperson, or in their absence, the senior-most full-time member of the Authority, shall fix the date, time, mode, and place of meetings and approve the agenda. | The amendment introduces the mode of meetings (such as virtual or hybrid) in addition to the date, time and place. |
| Reg 3(5) | The notice and agenda for the meeting shall be normally circulated seven days in advance by the Designated Officer. The notice and agenda may be delivered to the members personally upon acknowledgement or despatched through registered post or transmitted through any other secure and reliable modern means of communication. | The notice and agenda for the meeting shall be circulated normally seven days in advance by the Secretary but may be circulated in less than seven days with the Chairperson’s approval. | Replaces Designated Officer with Secretary and allows circulation in less than seven days with the Chairperson’s approval. |
| Reg 6(1) | The Designated Officer shall record, within forty-eight hours of the conclusion of every meeting, the minutes of all proceedings and after obtaining the approval of the Chairperson or the presiding member, enter the minutes in books kept for that purpose. | The Secretary shall at the earliest record the minutes of the proceedings at the meeting of the Authority or committee meeting of the Authority and after obtaining the approval of the Chairperson or the presiding member, enter the minutes in books kept for that purpose. | Replaces Designated Officer with Secretary and removes the mandatory 48-hour timeline, requiring minutes to be recorded at the earliest. |
| Reg 6(4) | The minutes may also be kept by way of microfilms or any other authentic modern means of safe storage and retrieval of records recognised under law. | Omitted. | The provision permitting storage of minutes through microfilms or other recognised storage methods has been omitted. |
| Reg 6(9) | The Designated Officer shall, after approval of the minutes by the Chairperson or the presiding member, send a copy of the minutes entered in the minutes book to every member of the Authority. | The Secretary shall, after approval of the minutes by the Chairperson or the presiding member, send a copy of the minutes entered in the minutes book to every member of the Authority. | The term ‘Designated Officer’ has been substituted with ‘Secretary’. |
| Reg 6(10) | The Designated Officer shall communicate, with the approval of the Chairperson or the presiding member, the relevant extracts of decisions taken at meetings and monitor their compliance through a suitable reporting system. | The Secretary shall communicate, with the approval of the Chairperson or the presiding member, the relevant extracts of decisions taken at meetings and monitor their compliance through a suitable reporting system. | The term ‘Designated Officer’ has been substituted with ‘Secretary’. |
A copy of the Regulations is attached for your ready reference.
Source category: IRDAI
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