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Title: Exposure Draft
Reference No.: --
Date: 12/02/2016
Regulations on Corporate Governance for Insurance Companies
The Authority had constituted a Working Group on Harmonization of the Corporate Governance Guidelines for Insurance Companies with the Companies Act, 2013, vide its order dt. 14th October, 2014. The Working Group had furnished its report and recommendations to the Authority. Based on internal discussions, some modifications were made in the guidelines and the same are now proposed to be issued in the form of Regulations.
The Authority intends to seek comments/ observations of all the stakeholders prior to issue of the Regulations. A copy of the proposed stipulations regarding Corporate Governance is attached herewith in the form of guidelines. The proposed framework for Corporate Governance for insurance companies is intended to be comprehensive, incorporating Structure and composition of the Boards of Insurers, Committees of the Board and their responsibilities and meetings, appointment of MD/ CEO, Directors and Key Management Persons (KMPs), appointment of Auditors, Reporting and Disclosures.
All stakeholders are requested to offer their valuable comments/suggestions on the proposed stipulations regarding Corporate Governance for insurance companies. The comments/suggestions should be sent by 26th February, 2016 in the format attached, to the undersigned by e-mail at mamta at irda dot gov dot in with a copy to shardul at irda dot gov dot in
(Mamta Suri)
HOD-F&A
