Insurance Advisory Committee… — F.No. IRDA/Reg/7/2000

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Insurance Advisory Committee… — F.No. IRDA/Reg/7/2000 | IRDAI regulation · Complied AI

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What changed

The Insurance Regulatory and Development Authority issues regulations to govern the meetings of the Insurance Advisory Committee. The Advisory Committee meets at least three times in a year to advise the Authority. The Chairperson decides the place and time of each meeting. The designated officer circulates the notice and agenda seven days in advance. The Chairperson may convene an emergent meeting with forty-eight hours notice. A minimum of one-third of the total strength forms the quorum for a meeting. If the quorum is not present after thirty minutes, the meeting adjourns and the members present form the quorum at the adjourned meeting. The Authority removes a member who misses three consecutive meetings without sufficient cause.

What you must do

The Advisory Committee shall meet not less than three times in a year.
The designated officer shall circulate the notice and agenda seven days in advance normally.
A member shall attend all the meetings unless granted leave of absence by the Chairperson or presiding member.

Key dates

Effective from: 14 Jul 2000
Date of coming into force upon publication in the Official Gazette: 14 Jul 2000

Who is affected

Members of the Insurance Advisory Committee including ex officio members
Designated officer charged with duties of notice, agenda, and minutes

Thresholds

Minimum frequency of Advisory Committee meetings is three times in a year.
Quorum for a meeting is a minimum of one-third of the total strength.
Notice period for an emergent meeting is at least forty-eight hours.

If you do not comply

The Authority may exclude the name of a member who misses three consecutive meetings without just and sufficient cause.

Ask about this regulation

Written automatically from the official document. It is not a professional review, so check material decisions against the official record.

Document text

Prepared for reading; wording retained from the source.

Official PDF

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY NOTIFICATION New Delhi, the 14th July, 2000

The Insurance Advisory Committee (Meetings) Regulations, 2000

F.No. IRDA/Reg/7/2000.—In exercise of powers conferred by clause (e) of sub-section (2) and sub-section (1) of section 26 read with section 25 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: -

1. Short title, extent and commencement.—

(1) These regulations may be called the Insurance Advisory Committee (Meetings) Regulations, 2000.
(2) They shall come into force on the date of their publication in the Official Gazette.

2. Definitions.—

In these regulations, unless the context otherwise requires:

(a) "Act" means the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999).
(b) "Advisory Committee" means the Insurance Advisory Committee as constituted by the Authority pursuant to the provisions of section 25 of the Act.
(c) "Authority" means the Insurance Regulatory and Development Authority established under sub-section (1) of section 3 of the Act.
(d) "Chairperson" means the Chairperson of the Authority.
(e) "Designated Officer" means any officer of the Authority charged with the duty and responsibility of issuance of notice, circulation of agenda, recording and safe-keeping of the minutes of the meeting of the Advisory Committee.
(f) "Member" means a member of the Advisory Committee as constituted by the Authority under section 25 of the Act and includes ex officio members (i.e., the Chairperson and members of the Authority).
(g) "Members of the Authority" means the members of the Authority including the Chairperson appointed by the Central Government pursuant to the provisions of section 4 of the Act.
(h) "Total strength" means the total number of members of the Advisory Committee including ex officio members, existing at the relevant time.
(i) Words and expressions used in these regulations and not defined but defined in the Act shall have the same meaning respectively assigned to them in the Act.

3. Procedure for meetings of the Advisory Committee.—

(1) The Advisory Committee may meet for the despatch of business, adjourn and otherwise regulate its meetings, as provided in these regulations.
(2) The Advisory Committee may meet as often as may be considered necessary but not less than three times in a year, for advising the Authority on matters relating to the making of the regulations under section 26 of the Act and also on such other matters as may be prescribed under sub-section (5) of section 25 of the Act.
(3) The meetings of the Advisory Committee shall be held at such place and time as may be decided by the Chairperson.
(4) For purposes of convenience of attention to business, the Chairperson may with the consent of the Advisory Committee also constitute sub-committee of members whose decision thereon will be available to the Advisory Committee.
(5) The notice and agenda for the meeting shall normally be circulated seven days in advance by the Designated Officer. The notice and agenda may be delivered to the members personally upon acknowledgement or despatched by registered post or courier service or transmitted through any other secure and reliable modern means of communication, as may be recognised under any law for the time-being in force. Provided, however, that the Chairperson may convene an emergent meeting of the Advisory Committee by giving at least forty-eight hours notice.
(6) Every meeting of the Advisory Committee or sub-committee shall be presided over by the Chairperson. If for any reason, the Chairperson is unable to attend a meeting of the Advisory Committee, any other ex officio member, being a full-time member of the Authority chosen by the members present shall preside at the meeting.
(7) An item not included in the agenda of a meeting of the Advisory Committee may be taken up for consideration, if so approved by the Chairperson or the presiding member, as the case may be.

4. Quorum.—

(1) The quorum for transaction of business at a meeting of the Advisory Committee or sub-committee shall be a minimum of one-third of the total strength. Provided, however, that any fraction that might arise while calculating the one-third total strength be disregarded.
(2) If at any such meeting, quorum is not present, the Chairperson or the presiding member, as the case may be, shall after waiting for thirty minutes from the scheduled commencement time of the meeting, adjourn the meeting for such hour on the same day or some other day as he may think fit. Where at the adjourned meeting also the required quorum is not present, the members present shall constitute the quorum and proceed with the transaction of business.
(3) A member shall attend all the meetings of the Advisory Committee or sub-committee, save where leave of absence has been sought and the same has been granted by the Chairperson or the presiding member.
(4) Where a member ceases to attend consecutively three meetings of the Advisory Committee without just and sufficient cause, the Authority may consider exclusion of his name from the Advisory Committee and fill in the resultant vacancy as it may consider necessary.

5. Minutes of the meetings.—

(1) The Chairperson or the presiding member shall cause the minutes to be recorded of the proceedings at the meetings of the Advisory Committee or sub-committee in such form and manner as may be considered appropriate by him.
(2) The minutes shall also contain the names of members present at the meeting.
(3) The minutes of each meeting shall contain a fair and correct summary of the decisions arrived at the meeting.
(4) The designated officer shall send a copy of the minutes as finalised and approved by the Chairperson or the presiding member, as the case may be, to each of the members for his/her information.

6. Miscellaneous provisions.—

(1) Each member for attending the meetings of the Advisory Committee or sub-committee shall be entitled to reimbursement of expenses, sitting fees, incidentals, etc., from the Authority, as per the stipulations made in this behalf by the Authority from time to time.
(2) No member, other than the Chairperson or a person specifically authorised by him shall give information to the Press or to any other public media on matters relating to the decisions taken at the meetings of the Advisory Committee or sub-committees.

N. RANGACHARY, Chairperson

[No. ADVT-3/4/Exty/161/2000]

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