Page 58 - The Insurance Times February 2025
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matters as may be prescribed under sub- Insurance Regulatory and Development Author-
section (5) of the section 25 of the Act. ity of India (Re-insurance Advisory Committee)
b) For the existing sub regulation (3) the follow- (Amendment) Regulations, 2025
ing sub regulation shall be substituted, namely:- 1st January, 2025
(3) The meetings of the Advisory Committee
shall be held at such place, mode and time F.No. IRDAI/Reg/3/210/2025. In exercise of the powers
as may be decided by the Chairperson. conferred by sub section (2) of section 101B, read with
clauses (zb) and (zd) of sub section (2) of section 114A of
c) For the existing sub regulation (5) the follow-
the Insurance Act, 1938, the Authority in consultation with
ing sub regulation shall be substituted, namely:-
(5) The notice and agenda for the meeting the Insurance Advisory Committee, hereby makes the fol-
shall normally be circulated seven days in lowing regulations to amend IRDAI (Re-insurance Advisory
advance by the Secretary. Committee) Regulations, 2019, namely:
Provided that, if deemed necessary, the 1. Short title, and commencement:
(1) These regulations may be called the Insurance
same may be circulated in less than seven
days, upon approval of the Chairperson of Regulatory and Development Authority of India
the Authority. (Reinsurance Advisory Committee) (Amendment)
Regulations, 2025.
The Chairperson may convene an emer-
gent meeting of the Advisory Committee (2) These regulations shall come into force on the date
by giving at least twenty-four hours notice of their publication in the official Gazette.
(3) In sub regulation (4) of regulation 5, the words des- 2. Objective:
ignated officer shall be substituted with Secretary. The objective of these amendment regulations is to en-
hance efficiency of the conduct of the Reinsurance ad-
(4) After regulation 5, the following regulation shall be visory Committee.
inserted, namely:
5A. Resignation and removal from office: 3. In Insurance Regulatory and Development Authority of In-
dia (Re-insurance Advisory Committee) Regulations, 2019:
(1) Any Member of the Insurance Advisory Com- (1) In regulation 5,
mittee may offer resignation by giving a notice
in writing addressed to the Chairperson of the (a) Heading shall be substituted with Resignation, re-
Authority and such resignation shall take effect moval from office and filling of casual vacancies.
from the date on which it is accepted. (b) After sub regulation (1), the following sub regu-
(2) The Authority may remove any member of the lation shall be inserted, namely:
Insurance Advisory Committee who- 1A. The Authority may remove any member of the
(a) is, or at any time has been, adjudged as an Re-insurance Advisory Committee who-
insolvent; or (a) is, or at any time has been, adjudged as an
(b) has become physically or mentally inca- insolvent; or
pable of acting as a member; or (b) has become physically or mentally inca-
pable of acting as a member; or
(c) is or has been convicted of any offence
which, in the opinion of the Authority, in- (c) is or has been convicted of any offence
volves moral turpitude; or which, in the opinion of the Authority, in-
volves moral turpitude; or
(d) has acquired such financial or other inter-
est as is likely to affect prejudicially his func- (d) has acquired such financial or other inter-
tions as a member; or est as is likely to affect prejudicially his func-
tions as a member; or
(e) has so abused his position as to render his
continuation as member detrimental to the (e) has so abused his position as to render his
public Interest. continuation as member detrimental to the
public Interest.
(f) in the opinion of the Authority, is not fit to
remain as a member of the Committee. (f) in the opinion of the Authority, is not fit to
remain as a member of the Committee.
(g) has ceased to attend consecutively three
meetings of the Committees without just (g) has ceased to attend consecutively three
and sufficient cause. meetings of the Committees without just
and sufficient cause.
52 February 2025 The Insurance Times
