“Insurance Regulatory and Development Authority (Meetings) Regulations, 2000” sets guidelines for the conduct of meetings by the Insurance Regulatory and Development Authority (IRDAI). Here’s a detailed summary of the regulation:
General Provisions
Title and Commencement: Known as the IRDAI (Meetings) Regulations, 2000, they came into force upon publication in the Official Gazette.
Definitions: Provides definitions for key terms like “Act”, “Authority”, “Chairperson”, “Committee”, “Designated Officer”, and “Member”.
Meetings of the Authority
Frequency and Procedure: The Authority is required to meet at least four times a year to transact its business. Meetings are generally held at the Head Office but can be held elsewhere in India at the Chairperson’s discretion.
Agenda and Notices: Meeting agendas and notices should be circulated at least seven days in advance. The Chairperson may convene an emergent meeting with at least forty-eight hours’ notice.
Presiding Over Meetings: The Chairperson presides over meetings. In their absence, the senior most full-time member or another member chosen by those present will preside.
Voting and Decisions: Decisions are made by a majority vote of the members present. In case of a tie, the Chairperson, or the presiding member, has a casting vote.
Inclusion of Items: Items not on the agenda may be considered if approved by the Chairperson or presiding member.
Quorum
Minimum Requirement: The quorum is one-third of the total strength of appointed members. If the total strength is less than four, at least two members constitute the quorum.
Absence of Quorum: If a quorum is not present, the meeting is adjourned and rescheduled. If a quorum is still not met at the rescheduled meeting, the members present will constitute the quorum.
Record Keeping
Minutes: Minutes must be recorded within forty-eight hours of the meeting, approved by the Chairperson or presiding member, and entered into a designated minutes book. They must provide a fair and correct summary of decisions and list the names of members present and dissenting.
Storage and Retrieval: Minutes can be stored via modern secure methods like microfilms or computer systems, recognized under the law.
Emergency Meetings
Convening: The Chairperson can convene an emergent meeting on short notice for urgent matters or upon a written request by half of the members.
Miscellaneous
Invitees: Persons for advice or consultation may be invited to meetings by the Chairperson.
Communication Restrictions: Members, other than the Chairperson or an authorized person, are prohibited from sharing information about the meetings with the press or public.
These regulations ensure that the IRDAI’s meetings are conducted in an organized, efficient, and transparent manner, facilitating effective decision-making and governance within the regulatory body.
