The new regulation will bring flexibility in conducting number of meetings rather than hardcoding the number of meetings and considering financial year instead of calendar for reckoning the number of meetings, said the IRDAI on Monday.
Hyderabad:The Indian insurance regulator IRDAI has proposed to change the way the Insurance Advisory Council(IAC), that advises it on matters related to regulations.
The new regulation will bring flexibility in conducting number of meetings rather than hardcoding the number of meetings and considering financial year instead of calendar for reckoning the number of meetings, said the IRDAI on Monday.
Among other changes , the IRDAI has suggested the following-
-Provision to allow circulation of notice and agenda for the meetings to Members of IAC in less than 7 days with the approval of the chairperson.
– Change of name from “Designated Officer’ to ‘Secretary to the Authority’,
– Provision for enabling the Chairperson to decide the mode of meeting along with place and time,
-Reducing the notice period to 24 hours for convening an emergent meeting of the IAC.
– Inclusion of specific provision for resignation and removal of member of the IAC
The IAC is made up of members who represent the interests of various sectors,including commerce, industry, agriculture, and consumers. The advisory also includes the chairperson and members of the IRDAI as ex officio members.