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The Insurance Regulatory and Development Authority of India extends the timeline for insurers to review and update the existing stewardship policy. All insurers must complete the review and update by 31st May 2020. The authority grants this extension due to the lockdown stipulations owing to covid-19.
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Ref: IRDA/F&A/CIR/MISC/102/04/2020
Date: 30.04.2020
CIRCULAR
To
All the Insurers
Sub: Extension of timeline for review and updation of stewardship policy based on the Revised Guidelines on Stewardship Code for insurers in India
The Authority had issued Revised Guidelines on Stewardship Code for Insurers in India vide circular ref: IRDAI/F&A/GDL/CPM/045/02/2020 dated 7th February, 2020.
All the insurers were advised to review and update their existing stewardship policy based on the revised guidelines within three months from the date of issue of the circular, i.e., by 7th May, 2020.
Considering the present lock down stipulations owing to covid-19, IRDAI has granted extension of timelines to insurers for furnishing various Regulatory Returns and periodic compliances vide various circulars issued in this regard. In continuation of the same, it has been decided to extend the timelines for review and updation of the existing stewardship policy to be compliant with the above said Circular upto 31st May, 2020.
All are advised to note for compliance.
Pravin Kutumbe
Member (F&I)
