13.09.2022
To
1. The Chairman/CEOs of all insurance companies; and
2. All Insurance agents, Intermediaries and insurance intermediaries
The Authority issued the Circular IRDAI/F&I/CIR/MISC/183/9/2022 dated 2nd September, 2022 wherein the Authority provided framework for appointment of Directors under section 48A of the Insurance Act, 1938.
- The Authority hereby clarifies that:
- 1) The Directors appointed under section 48A of the Insurance Act, 1938 after obtaining due approval of the Authority may continue to hold the directorship till completion of tenure of appointment.
- 2. The provision of clause 3(b) of the said Circular shall not be applicable in case of any director appointed or proposed to be appointed as a nominee of a promoter of the insurer.
The other stipulations of the said Circular shall continue to apply.
(Rakesh Joshi)
Member (F&I)
Circular : https://www.dropbox.com/s/8ezy3evq351ttro/Circular%20191%20-%20Clarification%20on%2048A.pdf?dl=0