The Insurance Advisory Committee (Meetings) Regulations, 2000

Document text

4 THE GAZETTE UF INDIA: EXTRAORDINARY INSURANCEREGULATORYANDDEVELOPMENTAUTHORITY NOTIFICATION New Delhi, the 14th July, 2000 The Insurance Advisory Committee (Meetings) Regulations, 2000 F.No. IRDA/Reg/7/2000.- . [PART ill-SEC. 4] Jn 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, ntent and commencement- ( l) These regulalt0ns 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 (41of 1999). (b) "Advisory Comrruttee" 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 (I) 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 mmutes 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 officro 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. J. Pron•dun· for meetings of the Advisory Committee.- I I l rl!t· •\d, tSl)l'Y ( \)1111111l1ce may meet li.)r 1hc ucspatch or business. a<lJoum and 11thcn,·1sc n:gul,1tc Its 111cct111gs. as provided in these regulations. (2 l The ,\dvi::.01 v C 'om111i11ec ll1ay meet as olkn as may be considered necessary but 1101 kss 1han 1lm:c limes in ,1 ~e,u. lt.>r atlv1s111g the Authority on matters relating to the 1i1.1king ol' the rc~ulat1011s under section 2(J or the Act and also on such other matters .is 111ay he pri.:st·i 1bcd umkr ~ub-M:cuon (5 l or !--t.:ction .25 oflhe Act t 1, 1'11c 111ccti11g!:i ol the .\th 1so11· Cn111m111cc shall bt· held al such place and time as may lie decided hy the Chairperson. l ➔ l !·or purposes ,,1 com cn1cncc ul' allc111ion lo h11smcss. the Chairperson may with the consent or thc Ad, 1sory l ·ommntce also conslltutc sub-committee of members whose 1h.:c1sion thereon will he a\'ailahle 10 the Advisory C-omrrnttee. I" 1 ·1 h~ 11011cc ~md ,1gc11da liir the mcc1111g shull nornwlly be circulated seven dnys in .alh .mcc by 1hc Designated Officer. The: notice an<l agenda may he delivered to the 111t·111bl·rs pcrsomlll) upon ad:1mwlcdgc1nc111 or despatched by registered post or l'nuncr sen 1cc: or 1ra11s1111ttcd through any lither sccurc and reliable modem means of l·, 111111111111ca1ion. ~1s nw) bl; rccogn1scd under any luw for the time-be111g in force. Prn,·1dcd. lw\\ C\'Cr. 1ht11 thc Clrn1rpcrson m,1) ronvcne w1 emergent meeting of the \d\'1-;rny l '1.1m1111llCC hy giving ill lc,1Sl frHl!•l!tghl hours notice. f<il l:\'cr~ meeting of the ,\d\'isory Committee or suh-committee shall be presided over h~ 1hc Cl1ai1vcrso11. I I' lor ~my reason. the ( ·1w1rp~rson 1s unable to attend a meeting <ii lhc .•\lh i~or~ ( 'ommmec. clll,Y other l"'Y of/h·io member, being a full-time member 111· 11tt• ,\11thon1~ chosL·n hy Lhc members present shall preside al 1hc meeting. 171 \11 itun 11n1 111l'ludcd i11 th1.: ~1ge11da or a rncc11ng of' the Advisory Committee may be 1:ik1:11 up lur cons1<lcrauo11. 11· so apprm cd hy the Chairperson or the prcsid111g 1m:mhcr. us llll' case ma~; he. 4. ()uorurn.- 1 l 1 ·1 he qunrum !or 1r,rns.icuo11 ol' bus1111:ss ul .i meeting or the Advisory Committee or -.11h-com111111ce shall he :1 mi11i111u111 or 1.rnc-third of the total strength. Provided. l1m, c:Yer. 111:it any frat:tion that might arise 1, hi le calculating the one-tlmd total -.1n.i11gth he d1srcgardcd. 12) Ir .it ,111y sll<:h 111cct111g. quorum 1s 1101 present. the Clmuperson or Lht: presiding 1111.:mbcr. :1s the l.'..tsc may he. sh.ill :llh:r \\,111111g for thirty minutes from the scheduled t.'01rnnl.'11cc111c111 11111c 01' the mcl!Li11g . .tdJourn 1hc meeting for such hour on the same d:1_\ 01 sumc otht:1 d,1, .is he mav 1h111k lit. \\'here al the adjourned meeting nlso the required quo, um i.s 1101 present. the mcmhcrs present shall constitute rhc quorum and proceed\\ 1th the transal:11011 ol'b11s1ncss. 5 6 THE GAZETTE OF [ND[A : EXTRAORDINARY [PART JIJ-Slic. -lj (}) A member shall .1t1cntl all the meetings of the Advisory Committee or sub-committee, ~a, c "here IL·.iv~ or ahsence has been sought and the same has been granted by the Chn1q-,erson or the prcsidmg member. (4) Where n member ceases to a1tcnd consecutively three meetings of the Ad, isory C'omm1ttcc ,, 11hout just and surfic1ent cause, the Authority may consider exclusion of his numc fmm the Ath 1sory Committee and fill in the resultant vacancy as it may consider 111.:ccssary 5. Minutes of the meetings.- ( I) The Chairperson or lhc presiding member shall cause the minutes to be recorded of the proccedmgs .i.t the meetings of the Advisory Committee or sub-committee in such f orn, and manner as may be considered appropnate by 1nm. (2) The minutes shall also co11ta111 the names of members present at U1e meet mg. (3) Tbc minutes ol each meeting shall contain tl fair and correct summary of the decisions ,11-ri,cd c.11 the mcd111g. (4) The designated orticcr shall send a copy of the minutes as finalised and approved by the Clrnirpcrson or 1hc presiding member, as the case may be, to each of the members for his/her infonnat1011. ll. 1\'lh,cellancow, pro,·isions.- (I) E..1ch mcmbc.:r lor uttcnd1ng 1he meetings of the Advisory Committee or sub- co1111111Ltee sl1all he e1111lll!d lo reimbursement of expenses, sitting fees, incidentals, c.:tc . from thl l\u1honty. as per the stipulations made in this behalf by the Authority rrom time to time. (2) No 111c111ber. other than the Chairperson or a person specifically authorised by him shall give 1nlor111a1mn 10 1he Press or to an) other public media on matters relating Lo 1hc dcc1s1ons Lak~n at the mcetmgs of the Advisory Committee or sub-committees. N. RANGACHARY. Chairperson [No. ADVT-3/4/Exty/16 l/2000J Printed by the Manager, Govl of India PtcSS. Ring Road, Mayapuri, New Delhi• I I 0064 and Publi,hcd by the Controller of Publications, Delhi• I I 005" -2000.