INSURANCE
IRDAI issues exposure draft on Insurance Advisory Committee meetings regulations
Nov-07-2024

The Insurance Regulatory and Development Authority of India (Irdai) has issued exposure draft on Insurance Advisory Committee (IAC) meetings regulations. As part of the review of regulations on administrative aspects of the regulatory functions of IRDAI, the aforementioned regulations have been reviewed and certain amendments are proposed to the regulations so as to enhance the clarity and efficiency in the advisory functions of the Insurance Advisory Committee.

As per the exposure draft, the IAC will have 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. IAC allow circulation of notice and agenda for the meetings to Members of IAC in less than 7 days with the approval of the Chairperson, change of name from ‘Designated Officer’ to ‘Secretary to the Authority’. 

Exposure draft, enable the Chairperson to decide the mode of meeting along with place and time, reduce the notice period to 24 hours for convening an emergent meeting of the IAC and adding provisions for the resignation and removal of IAC members. 

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