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The Insurance Regulatory and Development Authority of India (Irdai) has recommended changes in how the Insurance Advisory Committee (IAC) advises it on regulatory matters.
As per the proposed norms, the IAC will have flexibility in the number of meetings it conducts, rather than a fixed schedule, and will use the financial year instead of the calendar year to determine the number of meetings.
The IAC comprises members representing various sectors, including commerce, industry, agriculture, and consumers, along with the chairperson and members of Irdai as ex officio members.
The regulator has also proposed that the IAC allow circulation of meeting notices and agendas to its members in less than seven days, subject to chairperson approval. Other proposed changes include renaming the “Designated Officer” as the “Secretary to the Authority,” enabling the chairperson to decide the mode, place, and time of meetings, reducing the notice period to 24 hours for convening an emergency meeting, and adding provisions for the resignation and removal of IAC members.
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