Date: 2014-04-04Category: Extra OrdinaryState: Union GovernmentCountry: India
These rules may be called the Insurance Regulatory and Development Authority (Salary and Allowance payable to and other Terms and Conditions of Service of Chairperson and other Members) Amendment Rules, 2014.
Executive Summary:
This notification announces amendments to the Insurance Regulatory and Development Authority (IRDA) Salary and Allowances Rules of 2000. The amendments, effective from January 1, 2011, revise the monthly salary and allowances payable to the Chairperson and Members of the IRDA. The central government approved the revised pay package.
Key Points / Main Content:
Salary and Allowances Amendment:
* Revises the Insurance Regulatory and Development Authority Salary and Allowances Rules, 2000.
* Increases the monthly salary for the Chairperson from Rs. 3.00 lakh to Rs. 3,75,000.
* Increases the monthly salary for Members from Rs. 2.50 lakh to Rs. 3,12,500.
* These amendments are called the Insurance Regulatory and Development Authority Salary and Allowance payable to and other Terms and Conditions of Service of Chairperson and other Members Amendment Rules, 2014.
Effective Date:
* The amendments are effective retroactively from January 1, 2011.
Approval:
* The central government approved the revised pay package with effect from 01.01.2011.
Impact Analysis:
Chairperson and Members of IRDA (Past and Present):
* Impact: Revised salary and allowances. No Chairperson or Member of the IRDA is expected to be adversely affected.
* Action Required: None specified.
Central Government:
* Impact: Implementation of the revised salary structure.
* Action Required: Ensure compliance with the amended rules.
Key Entities Referenced
Insurance Regulatory and Development Authority Act, 1999: A legislative act that provides the Central Government with the power to create rules for the Insurance Regulatory and Development Authority.
Central Government: The executive branch of the Government of India, responsible for making amendments to rules and regulations.
Insurance Regulatory and Development Authority: An organization for which rules regarding salary, allowances, and terms of service for the Chairperson and members are being amended.
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 existing set of rules which are being amended by this notification.
Department of Financial Services: A department within the Ministry of Finance responsible for the notification.
Ministry of Finance: The government ministry under which the Department of Financial Services operates.
New Delhi: The location from which the notification is issued, the capital of India.
N. Srinivasa Rao: Director in the Department of Financial Services.
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MINISTRY OF FINANCE
(Department of Financial Services)
Notification
New Delhi, the 4th April, 2014
G.S.R. 269(E).—In exercise of the powers conferred by section 24 of the Insurance Regulatory and Development
Authority Act, 1999 (41 of 1999), 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. (1) These rules may be called the Insurance Regulatory and Development Authority (Salary and Allowance payable to
and other Terms and Conditions of Service of Chairperson and other Members) Amendment Rules, 2014.
(2) These rules shall be deemed to have come into force with effect from 01.01.2011.
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, for the letters, figures and words "Rs.3.00
lakh per month and Rs.2.50 lakh per month", the letters, figures and words "Rs.3,75,000 ( Rupees three lakh seventy five
thousand only) per month and Rs.3,12,500 (Rupees three lakh twelve thousand five hundred only) per month" shall be
substituted.
[ F. No. R-16012/2/2008-Ins. III ]
N. SRINIVASA RAO, Director
EXPLANATORY MEMORANDUM
The above amendment to the Rules is given retrospective effect, as the Central Government had accorded
approval to the revised consolidated pay package of Chairperson and Members of Insurance Regulatory and
Development Authority with effect from 01.01.2011 vide Department of Expenditure's O. M. No. 8.1/1/2008-IC dated
15th September 2011.
2. It is certified that no Chairperson or whole-time Member, past or present, of the Insurance Regulatory and
Development Authority (IRDA) is likely to be affected adversely by the proposed amendment being given with
retrospective effect.
Foot Note:-The Principal rules were published vide notifications No. G.S.R. 841 (E) dated 25th October, 2000 and
subsequently amended by G.S.R. No. 827 (E) dated 01.12.2008, GSR 307(E) dated 19th April 2012.
Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.