Home India Insurance Regulatory And Development Authority In exercise of the powers conferred under sub section 4 of s...
Date: 03-Jan-2025 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred under sub section 4 of section 10 read with clauses a and b of sub section 2 of section 26 of the Insurance Regulatory and Development Authority

Issued by Insurance Regulatory And Development Authority · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • This gazette notification introduces the Insurance Regulatory and Development Authority of India (Meetings) (Amendment) Regulations, 2025. These regulations amend the existing IRDA (Meetings) Regulations, 2000.
  • The primary objective of these amendments is to enhance the clarity and efficiency of the meetings conducted by the Insurance Regulatory and Development Authority of India (IRDAI).

Key Changes

  • The term 'Designated Officer' is replaced with 'Secretary' in multiple instances within the regulations, specifically in Regulation 2(e), 6(9) and 6(10).
  • The Authority is now mandated to meet generally 4 times in a financial year to conduct its business. While it can meet more frequently if deemed necessary.
  • The Chairperson, or in their absence, the senior most full-time member, is responsible for fixing the date, time, mode, and place of meetings, and approving the agenda items.
  • The Secretary is responsible for circulating the meeting notice and agenda at least seven days in advance. However, with the Chairperson's approval, this can be shortened in necessary cases.
  • The Chairperson can convene an emergency meeting with at least 24 hours' notice for urgent matters. In case of an actual emergency, the Chairperson can call for an immediate meeting.
  • The Chairperson is obligated to convene an emergency meeting if requested in writing by at least half of the total members, stating the purpose of the meeting, with a minimum of 24 hours' notice.
  • The Secretary is now responsible for recording meeting minutes, obtaining approval from the Chairperson or presiding member, and maintaining these minutes in designated books.
  • Sub-regulation 6(4) of the original regulations has been removed.

Impact Analysis

Impact on IRDAI

  • The introduction of a minimum meeting frequency of four times a year ensures regular engagement and oversight.

Impact on IRDAI Members

  • The responsibility of the senior most full time member in the absence of the chairperson is clearly defined.

Action Items for IRDAI

  • Ensure that all members are aware of the new regulations and their implications.

Key Entities Referenced

Insurance Regulatory and Development Authority of India (IRDAI): The regulatory body responsible for overseeing and regulating the insurance sector in India. Insurance Regulatory and Development Authority Act, 1999: The primary legislation that empowers IRDAI to regulate the insurance sector. IRDA (Meetings) Regulations, 2000: The original regulations governing the meeting procedures of IRDAI, which are being amended by this notification. Insurance Advisory Committee: The committee consulted by the IRDAI before making these amendments.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 xxxGIDHxxx सी.जी.-टी.एल.-अ.-08012025-260051 xxxGIDExxx CG-TL-E-08012025-260051 असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 18] िई कदल्ली, िुक्रिार, िििरी 3, 2025/पौष 13, 1946 No. 18] 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 (बठै कें) (सिं ोधि) जिजियम, 2025 फा. स.ं भा.बी.जि.जि.प्रा./जिजियम/1/208/2025.—बीमा जिजियामक और जिकास प्राजधकरण अजधजियम, 1999 की धारा 26 की उप-धारा (2) के खंड (क) और (ख) के साथ पठठत धारा 10 की उप-धारा (4) के अंतगतग प्रदत्त िजियों का प्रयोग करते हुए, प्राजधकरण बीमा सलाहकार सजमजत के साथ परामिग करिे के बाद, इसके द्वारा आईआरडीए (बैठकें) जिजियम, 2000 का संिोधि करिे के जलए जिम्नजलजखत जिजियम बिाता ह,ै अथागत् : 1. सजं िप्त िाम और प्रारंभः (1) ये जिजियम भारतीय बीमा जिजियामक और जिकास प्राजधकरण (बैठकें) (संिोधि) जिजियम, 2025 कहलाएँगे। (2) ये जिजियम सरकारी रािपत्र में इिके प्रकािि की तारीख को प्रिृत्त होंगे। 2. उद्देश्यः इि संिोधि जिजियमों का उद्देश्य प्राजधकरण की बैठकों की स्ट्पष्टता और कायगकुिलता में िृजि करिा है। 3. बीमा जिजियामक और जिकास प्राजधकरण (बैठकें) जिजियम, 2000 में,- (1) जिजियम 2 के खंड (ङ) में, िब्द `पदिाजमत अजधकारी’ को `सजचि’ से प्रजतस्ट्थाजपत ककया िाएगा। 96 GI/2025 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] (2) जिजियम 3 में (क) ितगमाि उप-जिजियम (2) के जलए जिम्नजलजखत उप-जिजियम को प्रजतस्ट्थाजपत ककया िाएगा, अथागत् :- “प्राजधकरण आिश्यक समझे गये रूप में बारंबारता के साथ बैठक कर सकता ह,ै परंतु अपिे व्यिसाय का संचालि करिे के जलए एक जित्तीय िषग में सामान्यतः 4 बार बैठक करेगा।” (ख) ितगमाि उप-जिजियम (4) के जलए, जिम्नजलजखत उप-जिजियम को प्रजतस्ट्थाजपत ककया िाएगा, अथागत् :- “अध्यि तथा उिकी अिुपजस्ट्थजत में प्राजधकरण का िठरष्ठतम पूणगकाजलक सदस्ट्य प्राजधकरण की बैठकों की तारीख, समय, पिजत और स्ट्थाि जिधागठरत करेगा तथा बैठकों के जलए कायगसूची की मदों का अिुमोदि करेगा।” (ग) ितगमाि उप-जिजियम (5) के जलए, जिम्नजलजखत उप-जिजियम को प्रजतस्ट्थाजपत ककया िाएगा, अथागत् :- “सजचि द्वारा बैठक के जलए सूचिा और कायगसूची सामान्यतः सात कदि पहले अजिम रूप से पठरचाजलत की िाएगी। बिते कक, यकद आिश्यक समझा िाता ह,ै तो प्राजधकरण के अध्यि के अिुमोदि से इन्ह ेंसात कदि से कम समय म ें पठरचाजलत ककया िा सकता ह।ै ” (3) जिजियम 5 म ें (क) ितगमाि उप-जिजियम (1) के जलए जिम्नजलजखत उप-जिजियम को प्रजतस्ट्थाजपत ककया िाएगा, अथागत् :- (1) “पूिोक् त जिजियमों में ककसी बात के होिे के बाििूद, अध्यि कम से कम चौबीस घंटे की िोठटस दिे े के द्वारा प्राजधकरण की आपाती बैठक अपिी राय में अत्यािश्यक जिणगय की अपेिा रखिेिाली ककसी भी मद पर जिचार करिे के जलए ककसी भी समय अथिा स्ट्थाि पर बुला सकता ह।ै तथाजप, आपात जस्ट्थजत में अध्यि प्राजधकरण की तात्काजलक बैठक बुला सकता है।” (ख) ितगमाि उप-जिजियम (2) के जलए जिम् िजलजखत उप-जिजियम को प्रजतस्ट्थाजपत ककया िाएगाः- “अध्यि कोई आपाती बैठक तब भी बुला सकता ह ै यकद सदस्ट्यों की कुल संख्या में से आधी से अन्यूि संख्या म ें सदस्ट्यों के द्वारा िह प्रयोिि बताते हुए जिसके जलए िे बैठक बुलािा चाहते ह, हस्ट्तािठरत जलजखत में माँग प्राप्त करता है। ऐसी माँग प्राप्त होिे पर अध्यि कम से कम चौबीस घंटे की िोठटस दिे े के द्वारा, माँग की गई आपाती बैठक बुलाएगा।” (4) जिजियम 6 म ें (क) ितगमाि उप-जिजियम (1) के जलए जिम्नजलजखत उप-जिजियम को प्रजतस्ट्थाजपत ककया िाएगा, अथागत् :- “सजचि, अध्यि अथिा पीठासीि सदस्ट्य, िैसी जस्ट्थजत हो, का अिुमोदि प्राप्त करिे के बाद िीघ्राजतिीघ्र प्राजधकरण की बैठक अथिा प्राजधकरण की सजमजत की बैठक की कायगिाही के कायगिृत्त को अजभजलजखत करेगा तथा उि कायगिृत्त की प्रजिजष्ट उस प्रयोिि के जलए रखी गई बजहयों में करेगा।” (ख) उप-जिजियम (4) को हटाया िाएगा। (ग) उप-जिजियम (9) में, िब्द `पदिाजमत अजधकारी’ को `सजचि’ से प्रजतस्ट्थाजपत ककया िाएगा। (घ) उप-जिजियम (10) में, िब्द `पदिाजमत अजधकारी’ को `सजचि’ से प्रजतस्ट्थाजपत ककया िाएगा। दबे ािीष पण्डा, अध्यि [जिज्ञापि-III/4/असा./874/2024-25][भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3 INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA NOTIFICATION Hyderabad, 1st January, 2025 Insurance Regulatory and Development Authority of India (Meetings) (Amendment) Regulations, 2025 F. No. IRDAI/Reg/1/208/2025.—In exercise of the powers conferred under sub section (4) of section 10 read with clauses (a) and (b) of sub section (2) of section 26 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 IRDA (Meetings) Regulations, 2000, namely: 1. Short title and commencement: (1) These regulations may be called the Insurance Regulatory and Development Authority of India (Meetings)(amendment) Regulations, 2025. (2) These regulations shall come into force on the date of their publication in the Official Gazette. 2. Objectives: The objective of these amendment regulations is to enhance the clarity and efficiency of the meetings of the Authority. 3. In the Insurance Regulatory and Development Authority (Meetings) 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:- “The Authority may meet as often as may be considered necessary but shall meet generally 4 times in a financial year, to transact its business.” (b) For the existing sub regulation (4), the following sub regulation shall be substituted, namely:- “The Chairperson and in his absence, the senior most full time member of the Authority shall fix the date, time, mode and place of meetings of the Authority and approve the items of agenda for the meetings” (c) For the existing sub regulation (5) the following sub regulation shall be substituted, namely:- “The notice and agenda for the meeting shall be normally 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.” (3) In regulation 5 (a) For the existing sub regulation (1) the following sub regulation shall be substituted, namely:- (1)“Notwithstanding anything contained in the foregoing regulations, the Chairperson, may, by giving at least twenty-four hours’ notice, convene an emergent meeting of the Authority at any time or place to consider any item, which in his opinion, requires an urgent decision. However, in case of emergency, the Chairperson may call for an immediate meeting of the Authority.” (b) For the existing sub regulation (2) the following sub regulation shall be substituted, namely:- “The Chairperson shall also call an emergent meeting if he receives the requisition in writing, signed by members constituting not less than one half of the total strength, stating the purpose for which they desire the meeting to be called. Upon receipt of the requisition, the Chairperson shall by giving at least twenty four hours’ notice, convene the requisitioned emergent meeting. (4) In regulation 6 (a) For the existing sub regulation (1) the following sub regulation shall be substituted, namely:- “The Secretary shall at the earliest record the minutes of the proceedings at the meeting of the Authority or committee meeting of the Authority and after obtaining the approval of the Chairperson or the presiding member, as the case may be, enter the minutes in books kept for that purpose.” (b) Sub regulation (4) shall be omitted. (c) In sub regulation (9), the words ‘Designated Officer’ shall be substituted with ‘Secretary’ (d) In sub regulation (10), the words ‘Designated Officer’ shall be substituted with ‘Secretary’ DEBASISH PANDA, Chairperson [ADVT.-III/4/Exty./874/2024-25] 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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