Clarification on Circular on Appointment or Continuation of Common Director

[Image omitted. See the official document.]

भारतीय बीमा विनियामक और विकास प्राधिकरण INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA

Ref: IRDAI/F&I/CIR/MISC/191/9/2022

13.09.2022

CIRCULAR

To,

1. The Chairman/CEOs of all insurance companies; and
2. All Insurance agents, Intermediaries and insurance intermediaries

Clarification on Circular on Appointment or Continuation of Common Director

The Authority issued the Circular IRDAI/F&I/CIR/MISC/183/9/2022 dated 2nd September, 2022 wherein the Authority provided framework for appointment of Directors under section 48A of the Insurance Act, 1938.

The Authority hereby clarifies that:

1. The Directors appointed under section 48A of the Insurance Act, 1938 after obtaining due approval of the Authority may continue to hold the directorship till completion of tenure of appointment.
2. The provision of clause 3(b) of the said Circular shall not be applicable in case of any director appointed or proposed to be appointed as a nominee of a promoter of the insurer.

The other stipulations of the said Circular shall continue to apply.

[Image omitted. See the official document.] (Rakesh Joshi) Member (F&I)

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