Ministry : Insurance Regulatory And Development Authority (Not Applicable)
Part III-Section 4
Subject : Extra Ordinary
Overview [Insurance Regulatory and Development Authority of India (Insurance Advisory Committee) (Amendment) Regulations, 2025]
This Gazette notification, issued by the Insurance Regulatory and Development Authority of India (IRDAI), officially amends the Insurance Advisory Committee Regulations, 2000. Its primary significance lies in formalizing the Committee's advisory procedures to enhance clarity, efficiency, and governance.
Key Points
- Terminology Update: Replaces "Designated Officer" with "Secretary" in multiple regulations (2, 5, and insertions).
- Meeting Protocols: Revises Regulation 3, stipulating that the Advisory Committee generally meets twice per financial year to advise on regulations under section 26 of the Act, while allowing flexibility for more frequent meetings as necessary.
- Operational Flexibility: Empowers the Chairperson to decide meeting locations, modes, and times, and allows for emergent meetings with at least 24 hours' notice.
- Enhanced Notice Requirement: Mandates that notices and agendas be circulated at least seven days in advance, subject to Chairperson approval for shorter timelines.
- Membership Provisions: Introduces Regulation 5A, outlining resignation procedures and grounds for removal (including insolvency, incapacity, moral turpitude, conflicts of interest, abuse of position, or persistent non-attendance).
Summary
This notification strengthens the operational framework of IRDAI’s Insurance Advisory Committee by clarifying roles, streamlining meeting processes, and instituting clear membership accountability measures. These amendments aim to improve advisory effectiveness and governance integrity, thereby reinforcing regulatory oversight in the insurance sector.
