The Insurance Regulatory and Development Authority of India (IRDAI) on January 03, 2025, issued the Insurance Regulatory and Development Authority of India (Meetings) (amendment) Regulations, 2025 to further amend the IRDA (Meetings) Regulations, 2000.
The following amendments have been stated:
• In regulation 3, or 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.”
• In regulation 5, for the existing sub-regulation (1) the following sub-regulation shall be substituted, namely:-
(1)“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.”
• In regulation 6, 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.”
These regulations shall come into force on January 03, 2025.
[Notification No. IRDAI/Reg/1/208/2025]
