The Insurance Regulatory and Development Authority of India (IRDAI) recently issued a Master Circular on Corporate Governance for Insurers, 2024, outlining governance responsibilities and compliance timelines. The issuance of the IRDAI Master Circular on Corporate Governance for Insurers, 2024, underscores the authority’s commitment to fostering robust governance practices in the insurance industry. Insurers must proactively comply with the Circular’s provisions to uphold governance standards and maintain regulatory compliance.
INSURNACE REGULATORY AND
DEVELOPMENT AUTHORITY OF INDIA
Date: 22.05.2024
Ref: IRDAI/F&I/CIR/MISC/82/5/2024
Master Circular on Corporate Governance for Insurers, 2024
1. The Insurance Regulatory and Development Authority of India (Corporate Governance for Insurers) Regulations, 2024 (“the Regulations”) were notified on 21st March 2024. The Authority has outlined in general terms, governance responsibilities of the Board in the management of insurers under the Regulations. In exercise of the powers conferred by Section 34 of the Insurance Act, 1938, Section 14 of the IRDA Act, 1999 and Regulation 12 of the Insurance Regulatory and Development Authority of India (Corporate Governance for Insurers) Regulations, 2024 (“the Regulations”) the Authority hereby issues this master circular to provide various operational and procedural aspects, for adoption by all insurers.
2. The title of this Master Circular shall be “Master Circular on Corporate Governance for Insurers,2024”.
3. This Master Circular shall be applicable to all insurers except foreign company engaged in re-insurance business through a branch established in India.
4. This Master Circular becomes effective upon issuance. However, Insurers are given time up to 30th June, 2024 to ensure compliance with its provisions. Further, where specific timelines are specified for certain compliances in this Master Circular, such timelines shall remain the same.
5. This has approval of the Competent Authority.
Sd/-
G R Surya Kumar
Chief General Manager
