The Insurance Regulatory and Development Authority of India (IRDAI) on June 30, 2023, issued the Guidelines on Remuneration of Directors and Key Managerial Persons of Insurers.
The following has been stated namely: -
• The Objective of the guidelines are: -
1. To ensure effective governance of compensation
2. To ensure alignment of compensation with prudent risk-taking
3. To ensure effective supervisory oversight and stakeholder engagement
4. To ensure the safety of interest of policyholders and other stakeholders
• The following guidelines have been issued namely: -
1. Insurance Regulatory and Development Authority of India (Remuneration of Non-Executive Directors of Insurers) Guidelines, 2023. This has been attached to Annexure-A.
2. Insurance Regulatory and Development Authority of India (Remuneration of Key Managerial Persons of Insurers) Guidelines, 2023. This has been attached to Annexure B)
• These Guidelines are not applicable to Foreign Reinsurance Branches (FRBs) operating in India.
• These guidelines supersede the guidelines issued vide Ref: IRDA/F&A/GDL/LSTD/155/08/2016 on August 05, 2016.
[Notification No. IRDAI/F&A/GDL/MISC/141/6/2023]
