Home› India› Insurance Regulatory And Development Authority› In exercise of the powers conferred by sub section (2) of se...
Date: 03-Jan-2025 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by sub section (2) of section 101B, read with clauses (zb) and (zd) of sub section (2) of section 114A of the Insurance Act, 1938, the Authority

Issued by Insurance Regulatory And Development Authority · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • This gazette notification announces the Insurance Regulatory and Development Authority of India (Re-insurance Advisory Committee) (Amendment) Regulations, 2025.
  • These regulations amend the IRDAI (Re-insurance Advisory Committee) Regulations, 2019.
  • The primary objective is to enhance the efficiency of the functioning of the Re-insurance Advisory Committee.

Key Changes

  • Regulation 5 of the 2019 regulations is amended to include a detailed section on the removal of members from the Re-insurance Advisory Committee.
  • The heading of Regulation 5 is changed to 'Resignation, removal from office and filling of casual vacancies'.
  • A new sub-regulation (1A) is added to Regulation 5, specifying grounds for removing a member, including insolvency, physical or mental incapacity, conviction for offenses involving moral turpitude, conflict of interest, abuse of position, unfitness to remain a member, and absence from three consecutive meetings without sufficient cause.
  • Regulation 6 is amended to give the Chairman the authority to decide the frequency, location, mode and time of the committee meetings.

Impact Analysis

Impact on Re-insurance Advisory Committee Members

  • The amendment aims to ensure that only qualified and actively engaged individuals serve on the committee.

Impact on IRDAI

  • IRDAI can now ensure that the committee operates more efficiently and effectively.

Impact on Insurance and Re-insurance Industry

  • The industry may expect more robust and reliable guidance from the committee.

Suggested Action Items

  • The committee should review its meeting schedule and attendance policy to ensure compliance with the new regulations.

Key Entities Referenced

Insurance Regulatory and Development Authority of India (IRDAI): The regulatory body responsible for overseeing and regulating the insurance sector in India. Re-insurance Advisory Committee: A committee that provides advice and recommendations to IRDAI on matters related to re-insurance. Insurance Act, 1938: The primary legislation governing the insurance industry in India. Specifically, Section 101B and 114A are mentioned as the source of authority for the regulations. IRDAI (Re-insurance Advisory Committee) Regulations, 2019: The original regulations that are being amended by the 2025 regulations.
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