IRDA Meetings Regulations 2000

f.NSURANCE REGULATORY AND DEVELOPMENT AUTHORITY NOTIFICATTON New Delhi, the 14th July, 2000 The Insurance Regulatory and Development Authority (Meetings) Regulations, 2000 F.No. IRDAJReg/7/2000.- ln exercise of the powers conkrred by sub-section (4} of Section 10 read with clauses (a) and (b) of suh-section (2) of section 26 of the [nsurance Regulatory and Development Authority Act. 1999 (41 of 1999), the Authority, in consultation with the lnsurancc Advisory Commillee, hereby makes the following regulations, namely:- co 0 I. ( 1 ) (2) ·'lml<lil~:~ Short title, extent and commencement.- These regulations may be caUed the Insurance Regulatory and Development Authority (Meetings) Regulations., 2000. They shall come into force on the dale of their publication in the Official Gazelle. 2. Definitions.- In these regulations, unless the context otherwise requires, (a) (b) (c} (d) (e) ( I) (g) (h) 3. ( I ) (2) (3) (4) (5) .. Act'· means the Insurance Regulatory and Development Authority Act, 1999(41 of 1999). '·Authority" means the Insurance Regulatory and Development Authority established under sub-section ( 1} of Section 3 of the Insurance Regulatory and Development Authority Act. "Chairperson .. means the Chairperson of the Authority. "Committee .. means every committee of the members formed by general or special order in writing by the Authority, pursuant to the provisions of sub- section (2) of section 23 of the Act. "Designated Officer .. means any officer of the Authority charged "',jrh the duty and responsibility of issuance of notice, circulation of agenda, recording, circulation and safe-keeping of minutes of the meetings of the Authority or any Committee thereof. "Member" means a whole-time or a part time member of the Authority and 111cludes the Chairperson. 'Total strength'' means the total number of members appointed as members of the Authonty from time to time. Words and expressions used io these reg11lations and not defioed but defined in Ll1e Act shall have the same meaning respectively assigned to them in the Act. Meetings of the Authority for transaction of business and procedure to be followed.- The Authonry may meet for the transaction of business. adjourn and otherwise regulate i1s meetings, as provided in these regulations. Tile Autbonry shall meet, as often as may be necessary bur not less 1han six times in a year, to transact its business. The meetings of the Authority shall normally be held at its Head Office. Whenever circumstances render it expedient to hold a meeting elsewhere. the same may he so hckl m any other place in India. at the discretion of the Chairperson. The Chairperson an,J in lus absence, the senior most full time member of the authority shall lix the date, time and place of meetings of the Authority and approve the items of agenda for the meetings. The notice and agenda for the meeting shall be nom1ally circulated seven days 111 advance hy the Designated Officer. The notice and agenda may be 5 Ii I h (, C th 6 THE GAZETTE OF INDIA : EXI'RAORDINARY delivered to the members personally upon acknowledgement or despatched through registered post or transnutted through any other secure and reliable modem means of communication. as may be recognised under any-law for the lime being i11 force. (6) Every meeling of the Aulhoricy shall be presided over by the Chairperson. If lor a11y reason. the Chairperson is unable to attend a meeting of the Authority. any other member chosen by the members present from amongst themselves at the meeung shall preside at the meeting. (7) All que~tions which come up before any meeting of the• Authority shall be decided by a majority in case of voting by the members present and in the evellt of any equality of votes, the Chairperson, or in his absence, the presiding member sha II have a casting vote. (8) An item not included in the agenda of a meeting may be taken up for cons1dera1ion. if so approved by the Chairperson or the presiding member, as the case may be. 4. Quorum.- ( I ) (2) (3) (4) The quorum for transaction of business at a meeting of the Authority shall be a minimum nf one-third of the appointed mem,bers present. Where al any time the total strength of U1e Authority is less than four, the total number of members. bemg not less than two, shall constitute the quorum during such time. If at any meeting, 4uorum is not present, the Chairperson or the presiding member. as the case may be. shall after waiting for thirty minutes, adjourn lhe meeting for such hour on some other day as he may think tit and the notice of such adjournment shall be given to all the members and the business which was to have been brought before the original meeting, had there been a quorum. shall be brought before the adjourned meeting. Where at the adjourned meeting also. the required quorum is not present. the members prcsem, shall constitute the quorum. A member shall attend all the meetings of the Authority, save where leave of absence bas been sought and the same has been granted by the Chairperson or the presiding member. :\_ Emergent Meeting.- (I) (1) Nu1w11h;;ta11d1ng any tiling contained in the foregoing regu1auons, the l'li:tirperson. may. by g1v1ng at least forty-eight hours notice. convene an .:1nergcnt meetmg of the Authonty at any time or place to consider any it '11, which in his op1mon. rc4L11res an urgent decision. The Chairperson shall call an .:mergent meeting if he receives the requisition in writing. signed by members constituting not less than one-half of lhe total strength. stating lhe purpose for which they desire the meting to be called. Upon receipt or U1c requisition. the Chairperson shall by giving at least forty- eight hours nonce, convene the requisitioned emergent meeting. ' 6. Minutes of the meetings.- (1) (2) (J) (4) (5) (6) The Designated Officer shall record. within forty-eight hours of the conclusion of every meeting, lbe minutes of all proceedings at the meeting of the authonty or cornmittce meeting of the Authority and after obtaining the approval of the Chairperson or the presiding member, as the case may be, enter the minutes in books kept for that purpose. Each page of every such book shall be initialed or signed and the lasi page of the record of proceedings of each meeting in such books shall be dated and S 0 igned by the Chairperson or the presiding member, as the case may be. In no case the minutes of the proceedings of a meeting shall be attached to any such book as aforesaid by p-asting or otherwise but may be kept on loose-leaf style and bound regularly. Notw1thstandmg ,my thing contained in sub-regulation(3), the minutes may also be kept by way of micro films or any other authentic modem means of safe stonng anti re111eval or records or printed material produced by a computer, i r the same is recognised under any law and subject lo the conditions, restrictions ur safeguards memioned in such law. The mmutcs or each meeting shall contain a fair and correct summary of the decisions arrived at the meeting. . - The minutes shall also contain- (a) the names of the mcmhers present at the meeting; and (b} in the case of each decision taken al lhe meeting, the names of the members, if any, dissenting from. or not concurring with the decision taken. (7) Nothing comained in this regulation shall be deemed to require the inclusion in any such minutt':s of any matter which are detrimental LO the interests of the Authority. Expla11atio11 : Th.: Chairperson or the presiding member. as the case may be, shall exercise an absolute discretton 111 regard to the inclusion or non-inclusion of any m,1t1cr in the minutes on any ground specified in this sub-regulation. (8) Minutes ol the meetings kept m accordance with this regulation shall be •·v1dence of the proceedings recorded therein. ('l) The Designated Officer shall aller the approval of the minutes hy the Chairperson or the presiding member. as 1be case may be, send a copy of the minutes as entered 111 the minutes hooks to every member of the Authonty for his infom1ation. ( I 0) fhe Designated Officer shall also communicate, with the approval or the Chai,-person or the presiding member. the relevam extracts of the decision taken at the meeung oftbe Authority or any of its Comminccs lo all concerned for necessary follow-up action and monitor their compliance by evolving a s111table reporung system. Periodical reports on follow-up action shall be submitted to the Authorit}. 7. Invitees at meeting.- Any person whose presence at a meeung is desired for his advice/consultation, may be invited 10 attend the meeting by the Chairperson. 7 I 8 THE GAZETTE OF INDIA : EXTRAORDINARY (PART ID-SEC. 4] 8. Miscellaneous provisions.- The provisions of these regulations shall apply mlllatis mwandis to meetings of C'ommiuees of members. (2) The Chairperson may aucnd any committee meeting as ex officio member and whenever the Ch,11rpcrson a1tends any committee meeting, he shall preside over tl1o1t mcetmg. ('.1) No member. other than the Chairperson or a person specifically authorised by him. shall give infomrntion to the Press or any other public media on matters relaung to the working of the Authority and decisions taken at meetings. N. RANGACHARY. Chairperson [ADVT. No.-3/4/Exty/161/2000) Printed by th.:: M~gcr, G:wt. o( lndi11 Pres.\ Ring Road, Mayspuri, Xew l)clhi-l 10064 and Publi,b<d by the C<mlrOll<r of Pubtic,i;oa>. Dellu• I IOOS4 - 2000 I 0 0