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The Insurance Regulatory and Development Authority (IRDA) has constituted a working group on harmonising its corporate governance guidelines and disclosures with the Companies Act 2013.
R. K. Nair, Member (F&I), IRDA, has been appointed as Chairman of the group with 11 other members, including C. S. R. Sridharan, President, ICSI; V. Manickam, Secretary-General, Life Insurance Council; and Kurush J Daruwalla, representative of the General Insurance Council, among others.
The terms of reference of the group include recommending changes to insurance regulations in the light of the Companies Act, especially on corporate social responsibility, related party transactions and financial statements, composition of the board and provisions related to independent directors and remuneration of CEOs, managing directors and whole-time directors.
The group should submit its report within four months, according to a circular issued by IRDA Chairman T S Vijayan.
Source : The Hindu
R. K. Nair, Member (F&I), IRDA, has been appointed as Chairman of the group with 11 other members, including C. S. R. Sridharan, President, ICSI; V. Manickam, Secretary-General, Life Insurance Council; and Kurush J Daruwalla, representative of the General Insurance Council, among others.
The terms of reference of the group include recommending changes to insurance regulations in the light of the Companies Act, especially on corporate social responsibility, related party transactions and financial statements, composition of the board and provisions related to independent directors and remuneration of CEOs, managing directors and whole-time directors.
The group should submit its report within four months, according to a circular issued by IRDA Chairman T S Vijayan.
Source : The Hindu
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