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The Tax Publishers Insurance Act, 1938--Notification Notification No. F.No. IRDAI/REG/7/201/2024, dtd. 20-3-2024 Insurance Regulatory and Development Authority of India (Corporate Governance For Insurers) Regulations, 2024 In exercise of the powers conferred by clause (zd) of Sub-section (2) of Section 114A of the Insurance Act, 1938 (4 of 1938), and sections 14 and 26 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), the Authority, in consultation with the Insurance Advisory Committee, hereby makes the following regulations, namely: - Chapter-I *Preliminary* 1. Short title, Commencement & Applicability (1) These Regulations may be called the Insurance Regulatory and Development Authority of India (Corporate Governance for Insurers) Regulations, 2024. (2) These Regulations shall come into force from the date of their publication in the official gazette. (3) These Regulations shall be reviewed once in every three years from the date of notification, unless the review or repeal or amendment is warranted earlier. (4) These Regulations shall be applicable to all insurers except foreign company engaged in reinsurance business through a branch established in India. 2. Objectives (1) To provide the framework for insurers to adopt sound and prudent principles and practices of their governance structure; and (2) To provide a framework of roles and responsibilities of the Board and the management of insurers, to protect the interests of all stakeholders including policyholders; and to establish the framework for stewardship principles to be adopted by insurers. 3. Definitions (1) In these Regulations, unless the context otherwise requires, - (a) "Act" means the Insurance Act, 1938 (4 of 1938). (b) "Authority" means the Insurance Regulatory and Development Authority of India established under sub-section (1) of Section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999). (c) "Board" means the Board of Directors of the insurer. (d) "Companies Act" means the Companies Act, 2013, as amended from time to time. (e) "Competent Authority" (i) means Chairperson or (ii) such whole-time member or committee of the whole-time members or such officer(s) of the Authority, as may be determined by the Chairperson. (f) "Key Management Persons" (KMPs) means as defined in the Insurance Regulatory and Development Authority of India (Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers) Regulations, 2024 as amended from time to time. (2) All words and expressions used herein and not defined in these Regulations but defined in the Companies Act or the Act, or in the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999) or Rules or Regulations made thereunder shall have the same meaning respectively assigned to them in those Acts or Rules or Regulations. Chapter-II SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

Insurance Act, 1938--Notification

Notification No. F.No. IRDAI/REG/7/201/2024, dtd. 20-3-2024

Insurance Regulatory and Development Authority of India (Corporate Governance For Insurers) Regulations, 2024

In exercise of the powers conferred by clause (zd) of Sub-section (2) of Section 114A of the Insurance Act, 1938 (4 of 1938), and sections 14 and 26 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), the Authority, in consultation with the Insurance Advisory Committee, hereby makes the following regulations, namely: -

Chapter-I

Preliminary

1. Short title, Commencement & Applicability

(1) These Regulations may be called the Insurance Regulatory and Development Authority of India (Corporate Governance for Insurers) Regulations, 2024.

(2) These Regulations shall come into force from the date of their publication in the official gazette.

(3) These Regulations shall be reviewed once in every three years from the date of notification, unless the review or repeal or amendment is warranted earlier.

(4) These Regulations shall be applicable to all insurers except foreign company engaged in reinsurance business through a branch established in India.

2. Objectives

(1) To provide the framework for insurers to adopt sound and prudent principles and practices of their governance structure; and

(2) To provide a framework of roles and responsibilities of the Board and the management of insurers, to protect the interests of all stakeholders including policyholders; and to establish the framework for stewardship principles to be adopted by insurers.

3. Definitions

(1) In these Regulations, unless the context otherwise requires, -

(a) "Act" means the Insurance Act, 1938 (4 of 1938).

(b) "Authority" means the Insurance Regulatory and Development Authority of India established under sub-section (1) of Section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999).

(d) "Companies Act" means the Companies Act, 2013, as amended from time to time.

(e) "Competent Authority"

(i) means Chairperson or

(ii) such whole-time member or committee of the whole-time members or such officer(s) of the Authority, as may be determined by the Chairperson.

(f) "Key Management Persons" (KMPs) means as defined in the Insurance Regulatory and Development Authority of India (Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers) Regulations, 2024 as amended from time to time.

(2) All words and expressions used herein and not defined in these Regulations but defined in the Companies Act or the Act, or in the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999) or Rules or Regulations made thereunder shall have the same meaning respectively assigned to them in those Acts or Rules or Regulations.

Chapter-II