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Date: 03-Jan-2025 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by clause e of sub section 2 and sub section 1 of section 26, read with section 25 of the Insurance Regulatory and Development Authority Act

Issued by Insurance Regulatory And Development Authority · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • This gazette notification publishes the Insurance Regulatory and Development Authority of India (Insurance Advisory Committee) (Amendment) Regulations, 2025. These regulations amend the Insurance Regulatory and Development Authority (Insurance Advisory Committee) Regulations, 2000.
  • The primary objective of these amendments is to enhance the clarity and efficiency of the advisory functions of the Insurance Advisory Committee.

Key Changes

  • The term 'Designated Officer' is replaced with 'Secretary' in Regulation 2(e) and 5(4).
  • The Advisory Committee is mandated to meet at least twice in a financial year to advise the Authority on matters related to regulations under section 26 of the Act and other matters under section 25(5) of the Act.
  • The meetings of the Advisory Committee will be held at a place, mode and time decided by the Chairperson.
  • Notice and agenda for meetings will normally be circulated seven days in advance by the Secretary. However, with the Chairperson's approval, this can be shortened. The Chairperson can also call an emergency meeting with 24 hours notice.
  • A new regulation 5A is added, outlining the process for resignation and removal of members from the Insurance Advisory Committee.
  • Members can resign by giving written notice to the Chairperson, effective from the date of acceptance.
  • The Authority can remove a member for reasons like insolvency, physical or mental incapacity, conviction of an offense involving moral turpitude, conflict of interest, abuse of position, unsuitability, or absence from three consecutive meetings without a valid reason.

Impact Analysis

Impact on Insurance Advisory Committee Members

  • Members now have a clear process for resignation by submitting a written notice to the Chairperson.

Impact on Insurance Regulatory and Development Authority of India (IRDAI)

  • IRDAI will need to ensure that the Advisory Committee meets at least twice in a financial year as per the new regulations.

Impact on the Functioning of the Advisory Committee

  • The new rules for resignation and removal will ensure that the committee is composed of members who are capable and committed to their roles.

Key Entities Referenced

Insurance Regulatory and Development Authority of India (IRDAI): The regulatory body responsible for overseeing and regulating the insurance sector in India. It is the authority that issued this gazette notification. Insurance Advisory Committee: A committee that advises the IRDAI on matters related to the insurance industry. The regulations are specifically focused on its functioning. Insurance Regulatory and Development Authority Act, 1999: The primary legislation that empowers the IRDAI to regulate the insurance sector. Sections 25 and 26 are specifically mentioned in the notification as the source of authority for these regulations. Insurance Regulatory and Development Authority (Insurance Advisory Committee) Regulations, 2000: The original regulations that are being amended by this current gazette notification. The 2025 amendment modifies the 2000 regulations.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 xxxGIDHxxx सी.जी.-टी.एल.-अ.-08012025-260050 xxxGIDExxx CG-TL-E-08012025-260050 असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 19] िई कदल्ली, िुक्रिार, िििरी 3, 2025/पौष 13, 1946 No. 19] NEW DELHI, FRIDAY, JANUARY 3, 2025/PAUSHA 13, 1946 भारतीय बीमा जिजियामक और जिकास प्राजधकरण अजधसचू िा हदै राबाद, 1 िििरी, 2025 भारतीय बीमा जिजियामक और जिकास प्राजधकरण (बीमा सलाहकार सजमजत) (सिं ोधि) जिजियम, 2025 फा.स.ं भा.बी.जि.जि.प्रा./जिजियम/2/209/2025.—बीमा जिजियामक और जिकास प्राजधकरण अजधजियम, 1999 की धारा 25 के साथ पठित धारा 26 की उप-धारा (2) के खंड (ङ) और उप-धारा (1) द्वारा प्रदत्त िजियों का प्रयोग करते हुए प्राजधकरण, बीमा सलाहकार सजमजत के साथ परामिश करिे के बाद, इसके द्वारा बीमा जिजियामक और जिकास प्राजधकरण (बीमा सलाहकार सजमजत) जिजियम, 2000 का संिोधि करिे के जलए जिम्नजलजखत जिजियम बिाता ह,ैअथाशत् : 1. सजं िप्त िाम और प्रारंभः (1) ये जिजियम भारतीय बीमा जिजियामक और जिकास प्राजधकरण (बीमा सलाहकार सजमजत) (संिोधि) जिजियम, 2025 कहलाएँगे। (2) ये जिजियम सरकारी रािपत्र में इिके प्रकािि की तारीख को प्रिृत्त होंगे। 2. उद्देश्यः इि संिोधि जिजियमों का उद्देश्य बीमा सलाहकार सजमजत के परामिी कायों में स्ट्पष्टता और कायशकुिलता को बढािा है। 3. बीमा जिजियामक और जिकास प्राजधकरण (बीमा सलाहकार सजमजत) जिजियम, 2000 में, - (1) जिजियम 2 के खंड (ङ) में, िब्द `पदिाजमत अजधकारी’ को `सजचि’ से प्रजतस्ट्थाजपत ककया िाएगा। (2) जिजियम 3 म ें क) ितशमाि उप-जिजियम (2) के जलए जिम्नजलजखत उप-जिजियम (2) को प्रजतस्ट्थाजपत ककया िाएगा, अथातश ्:- 97 GI/2025 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] (2) “सलाहकार सजमजत आिश्यक समझे गये रूप में बारंबारता के साथ बैिक कर सकती ह,ै परंतु अजधजियम की धारा 26 के अंतगशत जिजियम बिािे से संबंजधत जिषयों तथा अजधजियम की धारा 25 की उप-धारा (5) के अंतगशत जिधाशठरत ककये िािेिाले अन्य जिषयों पर भी प्राजधकरण को सलाह दिे े के जलए, सामान्यतः जित्तीय िषश में 2 बार बैिक कर सकती है।” ख) ितशमाि उप-जिजियम (3) के जलए जिम्नजलजखत उप-जिजियम को प्रजतस्ट्थाजपत ककया िाएगा, अथाशत् :- (3) “सलाहकार सजमजत की बैिकें ऐसे स्ट्थाि, पद्धजत और समय पर आयोजित की िाएँगी, िैसा कक अध्यि के द्वारा जिणशय ककया िाएगा।” ग) ितशमाि उप-जिजियम (5) के जलए जिम्नजलजखत उप-जिजियम को प्रजतस्ट्थाजपत ककया िाएगा, अथातश ्:- (5) “बैिक के जलए सूचिा और कायशसूची सामान्यतः सजचि के द्वारा सात कदि पहले पठरचाजलत की िाएँगी। बिते कक, यकद आिश्यक समझा िाता ह,ै तो इन्ह ेंप्राजधकरण के अध्यि का अिुमोदि प्राप्त करिे के बाद सात कदि से कम समय में पठरचाजलत ककया िा सकता ह।ै अध्यि सलाहकार सजमजत की आपाती बैिक कम से कम चौबीस घंटे की िोठटस दिे े के द्वारा बुला सकता ह।ै ” (3) जिजियम 5 के उप-जिजियम (4) म,ें िब्द `पदिाजमत अजधकारी’ को `सजचि’ से प्रजतस्ट्थाजपत ककया िाएगा। (4) जिजियम 5 के बाद, जिम्नजलजखत जिजियम जिजिष्ट ककया िाएगा, अथाशत् :- 5क. त्यागपत्र और पदच्युजतः (1) बीमा सलाहकार सजमजत का कोई भी सदस्ट्य प्राजधकरण के अध्यि को संबोजधत जलजखत सूचिा दिे े के द्वारा त्यागपत्र द ेसकता ह ैतथा ऐसा त्यागपत्र उस तारीख से प्रभािी होगा जिस तारीख को िह स्ट्िीकृत ककया िाएगा। (2) प्राजधकरण बीमा सलाहकार सजमजत के ककसी भी सदस्ट्य को हटा सकता ह ैिो- (क) कदिाजलया ह ैअथिा ककसी भी समय कदिाजलये के रूप में न्यायजिणीत ककया गया है; अथिा (ख) सदस्ट्य के रूप में कायश करिे के जलए िारीठरक रूप से या मािजसक रूप से अिम हो गया है; अथिा (ग) ककसी अपराध के जलए दोषजसद्ध है अथिा ऐसे ककसी अपराध के जलए दोषजसद्ध ककया गया ह ै िो प्राजधकरण की राय में अिैजतक चठरत्रहीिता से संबद्ध है; अथिा (घ) ऐसा जित्तीय या अन्य जहत प्राप्त ककया ह ै िो एक सदस्ट्य के रूप में उसके कायों को प्रजतकूल रूप से प्रभाजित कर सकता है; अथिा (ङ) अपिे पद का इस प्रकार से दरुु पयोग ककया ह ै जिससे सदस्ट्य के रूप में उसका िारी रहिा लोकजहत के जलए हाजिकारक है। (च) प्राजधकरण की राय में, सजमजत के सदस्ट्य के रूप में रहिे के जलए योग्य िहीं ह।ै (छ) ककसी उजचत और पयाशप्त कारण के जबिा सजमजत की लगातार तीि बैिकों में उपजस्ट्थत होिा बंद ककया ह।ै दबे ािीष पण्डा, अध्यि [जिज्ञापि-III/4/असा./875/2024-25] INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyderabad, the 1st January, 2025 Insurance Regulatory and Development Authority of India (Insurance Advisory Committee) (Amendment) Regulations, 2025 F. No. IRDAI/Reg/2/209/2025.—In exercise of the powers conferred by clause (e) of sub section (2) and sub section (1) of section 26, read with section 25 of the Insurance Regulatory and Development Authority Act,1999 the Authority, in consultation with the Insurance Advisory Committee, hereby makes the following regulations to amend the Insurance Regulatory and Development Authority (Insurance Advisory Committee) Regulations,2000, namely: 1. Short title and commencement: (1) These regulations may be called the Insurance Regulatory and Development Authority of India (Insurance Advisory Committee) (Amendment) Regulations, 2025 (2) These regulations shall come into force on the date of their publication in the Official Gazette.[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3 2. Objective: The objective of these amendment regulations is to enhance the clarity and efficiency in advisory functions of the Insurance Advisory Committee. 3. In the Insurance Regulatory and Development Authority (Insurance Advisory Committee) Regulations, 2000, (1) In clause (e) of regulation 2, the words ‘Designated Officer’ shall be substituted with ‘Secretary’. (2) In Regulation 3 a) For the existing sub regulation (2) the following sub regulation shall be substituted, namely:- (2) “The Advisory Committee may meet as often as may be considered necessary but shall meet generally 2 times in a financial year, for advising the Authority on matters relating to the making of the regulations under section 26 of the Act and also on such other matters as may be prescribed under sub-section (5) of the section 25 of the Act.” b) For the existing sub regulation (3) the following sub regulation shall be substituted, namely:- (3)“The meetings of the Advisory Committee shall be held at such place, mode and time as may be decided by the Chairperson.” c) For the existing sub regulation (5) the following sub regulation shall be substituted, namely:- (5)“The notice and agenda for the meeting shall normally be circulated seven days in advance by the Secretary. Provided that, if deemed necessary, the same may be circulated in less than seven days, upon approval of the Chairperson of the Authority. The Chairperson may convene an emergent meeting of the Advisory Committee by giving at least twenty-four hours notice” (3) In sub regulation (4) of regulation 5, the words ‘designated officer’ shall be substituted with ‘Secretary.’ (4) After regulation 5, the following regulation shall be inserted, namely: 5A. Resignation and removal from office: (1) Any Member of the Insurance Advisory Committee may offer resignation by giving a notice in writing addressed to the Chairperson of the Authority and such resignation shall take effect from the date on which it is accepted. (2) The Authority may remove any member of the Insurance Advisory Committee who- (a) is, or at any time has been, adjudged as an insolvent; or (b) has become physically or mentally incapable of acting as a member; or (c) is or has been convicted of any offence which, in the opinion of the Authority, involves moral turpitude; or (d) has acquired such financial or other interest as is likely to affect prejudicially his functions as a member; or (e) has so abused his position as to render his continuation as member detrimental to the public Interest. (f) in the opinion of the Authority, is not fit to remain as a member of the Committee. (g) has ceased to attend consecutively three meetings of the Committees without just and sufficient cause. DEBASISH PANDA, Chairperson [ADVT.-III/4/Exty./875/2024-25] 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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