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Date: 21-Oct-2024 Category: Extra Ordinary State: Union Government Country: India

Amendment in the Insurance Regulatory and Development Authority Salary and Allowances payable to and other terms and conditions of service of Chairperson and other members Rules, 2000.

Issued by Ministry of Finance · Department of Financial Services

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Executive Summary & Key Takeaways

Description of the Gazette Notification

  • This gazette notification, issued by the Ministry of Finance (Department of Financial Services), amends the Insurance Regulatory and Development Authority (IRDAI) (Salary and Allowances payable to, and other terms and conditions of service of Chairperson and other members) Rules, 2000.
  • The amendment increases the salary of the IRDAI Chairperson and whole-time members and clarifies pension deductions for retired government officers appointed to these positions.

Key Changes

  • The salary of the IRDAI Chairperson is increased from Rs. 4,50,000 to Rs. 5,62,500.
  • The salary of IRDAI whole-time members is increased from Rs. 4,00,000 to Rs. 5,00,000.
  • A new provision clarifies that retired government officers appointed as Chairperson or whole-time members will not have their pensions deducted from their consolidated salary.
  • These salary increases are applied retrospectively, effective from January 1, 2024.

Impact Analysis

Impact on IRDAI Chairperson and Members

  • Improved compensation package potentially attracting higher-caliber candidates.

Impact on Retired Government Officers

  • May increase the pool of potential candidates from the retired government officer segment.

Impact on the Government

  • Potential for improved regulatory oversight due to enhanced compensation attracting better talent.

Suggested Action Items

  • Assess the long-term cost implications of attracting and retaining high-quality candidates.

Key Entities Referenced

Ministry of Finance (Department of Financial Services): The issuing authority of the gazette notification. Responsible for overseeing financial matters related to the government, including the IRDAI. Insurance Regulatory and Development Authority (IRDAI): The regulatory body for the insurance sector in India, whose Chairperson and members' salaries are being amended. Insurance Regulatory and Development Authority Act, 1999 (41 of 1999): The primary legislation governing the IRDAI. Section 24 provides the legal basis for the amendment. Department of Expenditure’s O.M No.16-01/2017-E.III.A dated 10th June 2024: The government office memorandum that approved the revised consolidated salary for the IRDAI Chairperson and Members. Insurance Regulatory and Development Authority (Salary and Allowances payable to, and other terms and conditions of service of Chairperson and other members) Rules, 2000: The principal rules amended by this notification.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-21102024-258118 CG-DxLx-xEG-I2D1H1x0x2x0 24-258118 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (i) PART II—Section 3—Sub-section (i) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 594] नई दिल्ली, सोमिार, अक्त बू र 21, 2024/आज‍ि न 29, 1946 No. 594] NEW DELHI, MONDAY, OCTOBER 21, 2024/ASVINA 29, 1946 जित्त मत्रं ालय (जित्तीय सिे ाएं जिभाग) अधिसचू ना नई दिल् ली, 21 अक् तूबर, 2024 सा.का.जन. 650(अ).—केंद्रीय सरकार, बीमा जिजनयामक और जिकास प्राजधकरण अजधजनयम, 1999 (1999 का 41) की धारा 24 की उपधारा (1) तथा उपधारा (2) के खण्ड (क) और (ख) द्वारा प्रित्त िजियों का प्रयोग करत े हुए, उन बातों के जसिाए जिन्ह ें ऐस े अजधक्रमण स े पूि व दकया गया ह ै या करन े का लोप दकया गया ह ैऔर 1 िनिरी, 2024 से रािपत्र म ें प्रकािन की तारीख तक बीमा जिजनयामक और जिकास प्राजधकरण (अध्यक्ष और अन्य सिस्ट्यों को िेय िेतन और भत्त ेतथा सेिा की अन्य ितें और जनबंधन) जनयम, 2000 का और संिोधन करन े के जलए जनम्नजलजखत जनयम बनाती है, अथावत:- 1. सजं क्षप्त नाम और प्रारम्भ. – (1) इन जनयमों का संजक्षप्त नाम बीमा जिजनयामक और जिकास प्राजधकरण (अध्यक्ष और अन्य सिस्ट्यों को िेय िेतन और भत्ते तथा सेिा की अन्य ितें और जनबंधन) संिोधन जनयम, 2024 ह।ै (2) य ेजनयम रािपत्र म ेंप्रकािन की तारीख से प्रिृत्त होंगे। 2. बीमा जिजनयामक और जिकास प्राजधकरण (अध्यक्ष और अन्य सिस्ट्यों को िेय िेतन और भत्ते तथा सेिा की अन्य ित ें और जनबंधन) जनयम, 2000 में, जनयम 3 में -- 6830 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] (i) उप-जनयम (1) म ें“चार लाख पचास हिार रुपए” िब्िों के स्ट्थान पर “पांच लाख बासठ हिार पांच सौ रुपए” िब्ि रखे िाएंगे। (ii) उप-जनयम (2) में “चार लाख रुपए” िब्िों के स्ट्थान पर “पांच लाख रुपए” िब्ि रख ेिाएंगे। (iii) उप-जनयम (2) के पश्चात जनम्नजलजखत उपबंधों को अंतर्िवष्ट दकया िाएगा, अथावत:- “परन्तु यह दक सेिाजनिृत्त सरकारी अजधकाररयों को अध्यक्ष अथिा पूणवकाजलक सिस्ट्य के रूप में जनयुि दकए िाने पर उनके समेदकत िेतन स ेपेंिन की कटौती नहीं की िाएगी; परन्तु यह और दक अध्यक्ष और पूणवकाजलक सिस्ट्य िनिरी 2024 की पहली तारीख से इस जनयम के अधीन िेतन के हकिार होंगे।” [फा. स.ं आर-12012/01/2024-बीमा-I] प्रिांत कुमार गोयल, संयुक् त सजचि व्याख्यात्मक ज्ञापन जनयम में उपयुवि संिोधन भूतलक्षी प्रभाि से दकए गए ह,ैं क्योंदक केन्द्रीय सरकार ने व्यय जिभाग के 10 िनू , 2024 के कायावलय ज्ञापन संख्या 16-01/2017-ई-III-ए के अधीन बीमा जिजनयामक और जिकास प्राजधकरण के अध्यक्ष एिं सिस्ट्यों के समेदकत िेतन को दिनांक 1.1.2024 से संिोजधत करने की अनुमजत िे िी थी। 2. यह प्रमाजणत दकया िाता ह ै दक भूतलक्षी प्रभाि से प्रस्ट्ताजित संिोधन के कारण भारतीय बीमा जिजनयामक और जिकास प्राजधकरण (इरडाई) के अध्यक्ष अथिा कोई भी पणू वकाजलक सिस्ट्य, पूिविती या ितवमान, प्रजतकूलत: प्रभाजित नहीं होंगे। रटप्पण: मलू जनयम भारत के रािपत्र, असाधारण, भाग-II, खडं -3, उपखंड (i) में अजधसूचना संख्यांक सा.का.जन. 841(अ), तारीख 25 अिूबर, 2000 द्वारा प्रकाजित दकए गए थ े और तत्पश्चात ् अजधसूचना संख् यांक सा.का.जन. 827(अ), तारीख 1 दिसंबर, 2008, सा.का.जन. 307(अ), तारीख 19 अप्रैल, 2012, सा.का.जन. 269(अ), तारीख 4 अप्रलै , 2014, सा.का.जन. 274(अ), तारीख 7 अप्रलै , 2014 तथा सा.का.जन. 461(अ), तारीख 21 िून, 2022 द्वारा संिोजधत दकए गए थे। MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 21st October, 2024 G.S.R. 650(E).—In exercise of the powers conferred by sub-section (1) and clauses (a) and (b) of sub-section (2) of section 24 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), except as respect things done or omitted to be done on and from the date 1st January, 2024 till the date of publication of this notification in the Official Gazette, the Central Government hereby makes the following rules further to amend the Insurance Regulatory and Development Authority (Salary and Allowances payable to, and other terms and conditions of service of Chairperson and other members) Rules, 2000, namely: — 1. Short title and commencement.—(1) These rules may be called the Insurance Regulatory and Development Authority (Salary and Allowances payable to, and other terms and conditions of service of Chairperson and other members) Amendment Rules, 2024. (2) They shall come into force on the date of their publication in the Official Gazette.[भाग II—खण् ड 3(i)] भारत का रािपत्र : असाधारण 3 2. In the Insurance Regulatory and Development Authority (Salary and Allowances payable to, and other terms and conditions of service of Chairperson and other members) Rules, 2000, in rule 3,— (i) in sub-rule (1), for the words “rupees four lakh fifty thousand”, the words “rupees five lakh sixty- two thousand and five hundred” shall be substituted; (ii) in sub-rule (2), for the words “rupees four lakh”, the words “rupees five lakh” shall be substituted: (iii) after sub-rule 2, the following provisions shall be inserted, namely:— “Provided that in respect of retired Government officers appointed as Chairperson or whole-time members, there shall be no-deduction of pension from the Consolidated salary: Provided further that the Chairperson and whole-time member shall be entitled to a salary under this rule with effect from the 1st day of January, 2024.”. [F. No. R-12012/01/2024-Ins.I] PARSHANT KUMAR GOYAL, Jt. Secy. EXPLANATORY MEMORANDUM The above amendment to the Rules is given retrospective effect, as the Central Government had accorded approval to the revised consolidated salary of Chairperson and Members of Insurance Regulatory and Development Authority with effect from 1st January, 2024 vide Department of Expenditure’s O.M No.16-01/2017-E.III.A dated 10th June 2024. 2. It is certified that no Chairperson or whole-time member, past or present, of the Insurance Regulatory and Development Authority of India (IRDAI) is likely to be affected adversely by the proposed amendment being given with retrospective effect. Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide notification number G.S.R. 841(E), dated the 25th October, 2000 and subsequently amended vide notification numbers G.S.R. 827 (E), dated the 1st December, 2008, G.S.R. 307(E), dated the 19th April, 2012, G.S.R. 269(E), dated the 4th April, 2014, G.S.R. 274(E), dated the 7th April, 2014, and G.S.R. 461(E), dated the 21st June, 2022. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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