IRDAI issues Exposure draft- IAC Meetings Regulations

IRDAI has issued a Exposure draft- IAC Meetings Regulations. The Key features include: –

1. Flexibility in conducting number of meetings rather than hardcoding the number of meetings and considering Financial Year instead of Calendar for reckoning the number of meetings.
2. Provision to allow circulation of notice and agenda for the meetings to Members of IAC in less than 7 days with the approval of the Chairperson.
3. Change of name from “Designated Officer’ to ‘Secretary to the Authority’.
4. Provision for enabling the Chairperson to decide the mode of meeting along with place and time.
5. Reducing the notice period to 24 hours for convening an emergent meeting of the IAC.
6. Inclusion of specific provision for Resignation and Removal of member of the IAC.

All the stakeholders are requested to forward their comments / suggestions, if any, on the proposed regulations (Annexure-A) in the attached format on or before 5:00 PM on 26.11.2024 to nithya@irdai.gov.in with a copy to anjaly.jolly@irdai.gov.in.