IRDA makes appointment of CS as Compliance Officer(KMP) mandatory for all insurance companies

Ref.: IRDA/F&A/GDL/CG/100/05/2016

Date: 18th May, 2016

Guidelines for Corporate Governance for insurers in India

The Authority had initially issued Guidelines on Corporate Governance for insurance companies vide circular dt. 5th August, 2009. The Authority had also issued separate guidelines for appointment/reappointment and remuneration of MD/CEO/WTD as well as other Key Management Persons (KMPs), as also the Appointment of statutory auditors of insurers through various circulars.

In view of the extensive changes to the governance of companies brought about by the Companies Act, 2013, it was decided to review the various guidelines of the Authority relating to the governance of insurance companies. After due consultation with the industry representatives and other stakeholders and professionals, the Authority has drawn out the revised Guidelines on Corporate Governance for insurance companies. The revised guidelines combine the stipulations regarding the Corporate Governance practices, appointment of MD/CEO/WTD and other KMPs as well as the appointment of statutory auditors of insurers. These are applicable from FY 2016-17 onwards. These guidelines shall be applicable to all insurers granted registration by the Authority except that:

(i) reinsurance companies may not be required to have the Policyholders’ Protection Committee; and

(ii) branches. of foreign reinsurers in India may not be required to constitute the Board and its mandatory committees as indicated herein.

All insurers are hereby advised to ensure compliance with the guidelines

(VR Iyer)

Download Guidelines for Corporate Governance for insurers in India

profile image

About eMinds Legal

eMinds Legal

eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.

Leave a Reply

Your email address will not be published. Required fields are marked *

India’s Leading Compliance Software

India’s Leading Compliance Software

Get A Demo Today !

Corporate Law Referencer

Corporate Law Referencer

Corporate Law Referencer

Recent Articles

Recent Legal updates

Recent Gst Updates