Proposed Amendments to the IRDA Act_ 1999

The Department of Finance Services (DFS) Ministry of Finance, Govt. of India has issued a Public Notice on its website inviting comments from all stakeholders on the proposed amendments to IRDAI Act, 1999 (Proposed Amendments).

Key highlight of the Proposed amendments to the IRDAI Act are as follows :

• Cross reference of the definition as mentioned in Insurance Act 1938 has been drawn for “Insurance intermediaries”
• The knowledge or experience of information technology is also prescribed as one of the criteria for being the member of the Authority in addition to the existing criteria’s.
• The age limit of Sixty Five years has been proposed for holding position of Chairperson or other whole- time member of the Authority
• The power of the Authority with respect to following has been omitted Section 14(2)(d) for specifying the code of conduct for surveyors and loss assessors Section 14(2)(n) for supervising the functioning of the Tariff Advisory Committee
• The Authority has carved out following powers which shall not be delegated by the Authority power to make regulations power to register an insurer

Source category: Others

Attachments

• /2022/121_2022-11-29_Proposed_Amendments_to_the_IRDA_Act__1999.pdf