Guidelines on conflict of interest and common directorship among insurance intermediaries

The Insurance Regulatory and Development Authority of India has issued guidelines on conflict of interest and common directorship among insurance intermediaries. The following compliances are mandated for insurance intermediaries having common directors:

1. File an intimation to IRDAI within 30 days of appointment of common director.
2. File an undertaking to IRDAI along with board approved policy on related party transactions.
3. The common director shall be a non-executive director and not a KMP
4. Comply with the requirements under companies act regarding related party transactions.