Insurance Regulatory and Development Authority of India (IRDAI) has introduced the Insurance Regulatory and Development Authority (Meetings) (Amendment) Regulations, 2025, effective January 1, 2025. These amendments aim to enhance clarity and efficiency in conducting Authority meetings under the Insurance Regulatory and Development Authority Act, 1999. Key changes include substituting “Designated Officer” with “Secretary” in several clauses and specifying that the Authority should generally meet four times annually. The Chairperson, or in their absence, the senior-most full-time member, is empowered to decide the date, time, mode, and agenda of meetings. Notices and agendas are typically circulated seven days prior but may be expedited with Chairperson approval.
Provisions for emergent meetings have been expanded. The Chairperson may call such meetings with a 24-hour notice for urgent matters or upon receiving a requisition from at least half the members of the Authority. The Secretary must promptly record and maintain minutes of all meetings after approval from the Chairperson or presiding member. These amendments streamline the regulatory framework for Authority meetings, ensuring timely decision-making and proper documentation.
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
NOTIFICATION
Hyderabad, 1st January, 2025
Insurance Regulatory and Development Authority of India (Meetings) (Amendment) Regulations, 2025
F. No. IRDAI/Reg/1/208/2025.—In exercise of the powers conferred under sub section (4) of section 10 read with clauses (a) and (b) of sub section (2) of section 26 of the Insurance Regulatory and Development Authority Act,1999 the Authority in consultation with the Insurance Advisory Committee, hereby makes the following regulations to amend IRDA (Meetings) Regulations, 2000, namely:
1. Short title and commencement:
(1) These regulations may be called the Insurance Regulatory and Development Authority of India (Meetings)(amendment) Regulations, 2025.
(2) These regulations shall come into force on the date of their publication in the Official
2. Objectives:
The objective of these amendment regulations is to enhance the clarity and efficiency of the meetings of the Authority.
3. In the Insurance Regulatory and Development Authority (Meetings) Regulations, 2000, –
(1) In clause (e) of regulation 2, the words ‘Designated Officer’ shall be substituted with ‘Secretary’.
(2) In regulation 3
(a) For the existing sub regulation (2) the following sub regulation shall be substituted, namely:-
“The Authority may meet as often as may be considered necessary but shall meet generally 4 times in a financial year, to transact its business.”
(b) For the existing sub regulation (4), the following sub regulation shall be substituted, namely:-
“The Chairperson and in his absence, the senior most full time member of the Authority shall fix the date, time, mode and place of meetings of the Authority and approve the items of agenda for the meetings”
(c) For the existing sub regulation (5) the following sub regulation shall be substituted, namely:-
“The notice and agenda for the meeting shall be normally circulated seven days in advance by the Secretary.
Provided that, if deemed necessary, the same may be circulated in less than seven days, upon approval of the Chairperson of the Authority.”
(3) In regulation 5
(a) For the existing sub regulation (1) the following sub regulation shall be substituted, namely:-
(1)“Notwithstanding anything contained in the foregoing regulations, the Chairperson, may, by giving at least twenty-four hours’ notice, convene an emergent meeting of the Authority at any time
or place to consider any item, which in his opinion, requires an urgent decision.
However, in case of emergency, the Chairperson may call for an immediate meeting of the Authority.”
(b) For the existing sub regulation (2) the following sub regulation shall be substituted, namely:-
“The Chairperson shall also call an emergent meeting if he receives the requisition in writing, signed by members constituting not less than one half of the total strength, stating the purpose for which they desire the meeting to be called. Upon receipt of the requisition, the Chairperson shall by giving at least twenty four hours’ notice, convene the requisitioned emergent meeting.
(4) In regulation 6
(a) For the existing sub regulation (1) the following sub regulation shall be substituted, namely:-
“The Secretary shall at the earliest record the minutes of the proceedings at the meeting of the Authority or committee meeting of the Authority and after obtaining the approval of the Chairperson or the presiding member, as the case may be, enter the minutes in books kept for that purpose.”
(b) Sub regulation (4) shall be
(c) In sub regulation (9), the words ‘Designated Officer’ shall be substituted with ‘Secretary’
(d) In sub regulation (10), the words ‘Designated Officer’ shall be substituted with ‘Secretary’
DEBASISH PANDA, Chairperson
[ADVT.-III/4/Exty./874/2024-25]
