The Insurance Regulatory and Development Authority of India (IRDAI) on January 03, 2025, issued the Insurance Regulatory and Development Authority of India (Insurance Advisory Committee) (Amendment) Regulations, 2025, to further amend the Insurance Regulatory and Development Authority (Insurance Advisory Committee) Regulations, 2000.
This shall come into force from January 08, 2025.
The following has been stated namely: -
• The amendment regulation aims to enhance the clarity and efficiency of the advisory functions of the Insurance Advisory Committee.
• In regulations 2 (e) and 5 (4), the words ‘Designated Officer’ shall be substituted with ‘Secretary’.
• After regulation 5, a new regulation shall be inserted, namely: “5A. Resignation and removal from office”, which states that the members of the Insurance Advisory Committee may resign or be removed by the Authority for reasons including insolvency, incapacity, misconduct, conflict of interest, abuse of position, unfitness, or non-attendance.
Detailed notification is attached below.
[Notification no. - CDSL/OPS/DP/POLCY/2025/17]
