“Insurance Regulatory and Development Authority (Insurance Advisory Committee) Regulations, 2000” governs the formation, functioning, and meeting procedures of the Insurance Advisory Committee under the authority of the IRDA. These regulations were updated up to October 21, 2013. Here’s a comprehensive summary:
General Provisions
Title and Commencement: Known as the IRDA (Insurance Advisory Committee) Regulations, 2000, effective from the date of their publication in the Official Gazette.
Authority: These regulations are established under clauses of the Insurance Regulatory and Development Authority Act, 1999, specifically leveraging sections that pertain to the creation and operation of advisory committees.
Definitions
– Clarifies key terms such as “Act,” “Advisory Committee,” “Authority,” “Chairperson,” and others, establishing a clear framework for reference within the regulations.
Formation and Structure
Advisory Committee Role: The Committee is formed to advise the Authority on the creation of regulations and other prescribed matters.
Composition: Includes the Chairperson, members of the Authority, and other nominated members, detailing their roles and responsibilities.
Meeting Procedures
Frequency and Scheduling: The Committee is required to meet at least twice a year to conduct its business, with meetings scheduled by the Chairperson.
Agenda and Notices: Procedures for circulating meeting agendas and notices are specified, including timelines and methods of delivery.
-Quorum: Defined as one-third of the total strength of the Committee, with provisions for conducting business even if quorum is not met at an adjourned meeting.
Term of Office
Duration: Members serve for two years with eligibility for re-nomination, except those who have served two consecutive terms, who must wait two years for re-nomination.
Exclusions: Ex officio members and those appointed by virtue of their positions are exempt from these term limitations.
Conduct of Meetings
Chairing Meetings: The Chairperson, or in their absence another designated ex officio member, presides over meetings.
Minutes: Detailed requirements for recording, finalizing, and distributing minutes of the meetings are specified to ensure accurate and official documentation of decisions.
Miscellaneous Provisions
Reimbursements and Fees: Members are entitled to reimbursement for expenses and may receive sitting fees as stipulated by the Authority.
Confidentiality and Communication: Restrictions are placed on members’ ability to communicate meeting details to the press or public without authorization.
These regulations ensure structured and effective operation of the Insurance Advisory Committee, guiding its role in advising the IRDAI on regulatory matters and ensuring that its operations are transparent and accountable.
