Regulation 1. Short title and commencement.
Insurance
Regulatory And Development Authority Of India (Meetings)(Amendment)
Regulations, 2025
[01st
January 2025]
PREAMBLE
In exercise of the powers
conferred under sub section (4) of section 10 read with clauses (a) and (b) of
sub section (2) of section 26 of the Insurance Regulatory and Development
Authority Act,1999 the Authority in consultation with the Insurance Advisory
Committee, hereby makes the following regulations to amend IRDA (Meetings)
Regulations, 2000, namely:
Regulation 1. Short title and commencement.
(1)
These regulations may be called the Insurance
Regulatory and Development Authority of India (Meetings)(amendment)
Regulations, 2025.
(2)
These regulations shall come into force on
the date of their publication in the Official Gazette.
Regulation 2. Objectives.
The objective of these
amendment regulations is to enhance the clarity and efficiency of the meetings
of the Authority.
Regulation 3.
In the Insurance Regulatory
and Development Authority (Meetings) Regulations, 2000, -
(1)
In clause (e) of regulation 2, the words
Designated Officer shall be substituted with Secretary.
(2)
In regulation 3
(a)
For the existing sub regulation (2) the
following sub regulation shall be substituted, namely:-
"The Authority may meet
as often as may be considered necessary but shall meet generally 4 times in a
financial year, to transact its business."
(b)
For the existing sub regulation (4), the
following sub regulation shall be substituted, namely:-
"The Chairperson and in
his absence, the senior most full time member of the Authority shall fix the
date, time, mode and place of meetings of the Authority and approve the items
of agenda for the meetings"
(c)
For the existing sub regulation (5) the
following sub regulation shall be substituted, namely:-
"The notice and agenda
for the meeting shall be normally circulated seven days in advance by the
Secretary.
Provided that, if deemed
necessary, the same may be circulated in less than seven days, upon approval of
the Chairperson of the Authority."
(3)
In regulation 5
(a)
For the existing sub regulation (1) the
following sub regulation shall be substituted, namely:-
"Notwithstanding
anything contained in the foregoing regulations, the Chairperson, may, by
giving at least twenty-four hours notice, convene an emergent meeting of the
Authority at any time or place to consider any item, which in his opinion,
requires an urgent decision.
However, in case of
emergency, the Chairperson may call for an immediate meeting of the
Authority."
(b)
For the existing sub regulation (2) the
following sub regulation shall be substituted, namely:-
"The Chairperson shall
also call an emergent meeting if he receives the requisition in writing, signed
by members constituting not less than one half of the total strength, stating
the purpose for which they desire the meeting to be called. Upon receipt of the
requisition, the Chairperson shall by giving at least twenty four hours notice,
convene the requisitioned emergent meeting.
(4)
In regulation 6
(a)
For the existing sub regulation (1) the
following sub regulation shall be substituted, namely:-
"The Secretary shall at
the earliest record the minutes of the proceedings at the meeting of the
Authority or committee meeting of the Authority and after obtaining the
approval of the Chairperson or the presiding member, as the case may be, enter
the minutes in books kept for that purpose."
(b)
Sub regulation (4) shall be omitted.
(c)
In sub regulation (9), the words Designated
Officer shall be substituted with Secretary.
(d)
In sub regulation (10), the words Designated
Officer shall be substituted with Secretary.