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IRDAI Introduced New Corporate Governance Regulations for Insurers

Published on May 27, 2024
Current Context: The Insurance Regulatory and Development Authority of India (IRDAI) introduced new corporate governance regulations for insurers in India.
IRDAI Introduced New Corporate Governance Regulations for Insurers
  • The regulations came into effect on May 22nd, 2024, with a compliance deadline of June 30th, 2024 for most insurers [IRDAI master circular].
  • Here are some of the key highlights of the new regulations:
    • Board Composition: The focus is on strengthening the board with a minimum of three independent directors.
    • Risk Management: The board needs to ensure business strategy considers risk tolerance.
    • Independent Committees: The regulations mandate setting up an investment committee with specific members.
    • Fit and Proper Criteria: Directors must meet certain criteria to ensure they are qualified and have a good reputation.

Question:

1. How many independent directors must be on the board of insurers according to the new IRDAI regulations?

  • A) One
  • B) Two
  • C) Four
  • D) Three
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