Page 56 - Insurance Times June 2024
P. 56
Circular
IRDAI Corner
Master Circular on Corporate Governance tion 34 of the Insurance Act, 1938 and Section 14 of the
IRDA Act, 1999 read with Regulation 7 of the IRDAI (Ac-
for Insurers, 2024 tuarial, Finance and Investment Functions of Insurers)
Date: 22.05.2024 Regulations, 2024.
2. This Master Circular provides necessary guidance on as-
1. The Insurance Regulatory and Development Authority of pects pertaining to various provisions of the IRDAI (Ac-
India (Corporate Governance for Insurers) Regulations, tuarial, Finance and Investment Functions of Insurers)
2024 (the Regulations) were notified on 21st March Regulations,2024 and applicable to all insurers including
2024. The Authority has outlined in general terms, gov- those engaged exclusively in reinsurance business, unless
ernance responsibilities of the Board in the management otherwise specified.
of insurers under the Regulations. In exercise of the pow-
ers conferred by Section 34 of the Insurance Act, 1938, 3. This Master Circular shall be reviewed every year unless
review or repeal is warranted earlier.
Section 14 of the IRDA Act, 1999 and Regulation 12 of
the Insurance Regulatory and Development Authority of 4. The Returns and Reports referred under this circular shall
India (Corporate Governance for Insurers) Regulations, be submitted as per the provisions herein and the mas-
2024 (the Regulations) the Authority hereby issues this ter circular on submission of returns.
master circular to provide various operational and pro- 5. All words and expressions used herein and not defined in
cedural aspects, for adoption by all insurers. this Master Circular but defined in the Insurance Act,
2. The title of this Master Circular shall be Master Circular 1938 (4 of 1938), or the Insurance Regulatory and De-
on Corporate Governance for Insurers,2024. velopment Authority Act, 1999 (41 of 1999) or Rules or
3. This Master Circular shall be applicable to all insurers ex- Regulations made thereunder shall have the meanings
cept foreign company engaged in re-insurance business respectively assigned to them in those Acts or Rules or
through a branch established in India. Regulations.
4. This Master Circular becomes effective upon issuance. 6. In order to remove any doubts or difficulties that may
However, Insurers are given time up to 30th June, 2024 arise in the application or interpretation of any of the
to ensure compliance with its provisions. Further, where provisions of this Master Circular, the Competent Author-
specific timelines are specified for certain compliances in ity may issue appropriate clarifications as and when
this Master Circular, such timelines shall remain the same. deemed necessary.
This has approval of the Competent Authority.
Master Circular on Expenses of Manage-
Master Circular on Actuarial, Finance and ment, including Commission, of Insurers,
Investment Functions of Insurers 2024
Date: 15th May, 2024
Date: 17th May, 2024
1. This Master Circular is issued under the provisions of Sec- 1. The extant Insurance Regulatory and Development Au-
The Insurance Times June 2024 51
