Document Detail

Title: Order
Reference No.: IRDA/F&A/ORD/CG/069/03/20
Date: 19/03/2020
Constitution of a Committee on Corporate Governance Guidelines for Insurers

 

IRDAI had issued the Corporate Governance Guidelines for Insurance Companies in India in the year 2016. The participation of the Authority in peer review process of IAIS on ICPs more particularly on ICP 5 - Suitability of Person, ICP 7 - Corporate Governance and ICP 8 - Risk Management and Internal Controls indicated that there is need to further strengthen the Guidelines. 

Further, four key functions (risk management, actuarial, compliance and internal audit) are an essential part of the system of governance. These key functions are expected to be operationally independent to ensure an effective and robust internal control environment within an insurer and support high quality of decision-making by the management. At the same time, it is also important that these governance requirements are not overly burdensome for in­surers. Accordingly, in order to provide due weightage to control functions, there is need to enhance the governance system of insurers.

In the light of the above, the Authority, in order to review the Guidelines and to make it more effective and robust, constitutes a Committee with the following members:

Sl. No.

Particulars

Position

1

Mr. Pravin Kutumbe

Member -  F&I, IRDAI

Chair

2

Dr. Mamta Suri,

CGM – F&A, IRDAI

Member

3

Mrs. Yegna Priya Bharat

CGM – Non-Life, IRDAI

Member

4

Mr. V. Jayanth Kumar

CGM – Life, IRDAI

Member

5

Mr. R K Sharma

GM – F&A (NL), IRDAI

Member

6

Mr. A Venkateswara Rao

GM – SDD, IRDAI

Member

7

Mr. G Anantharaman

Ex Member, SEBI

Member

8

Mr. Navin Nambiar

GM – Dept. of Regulation, RBI

Member

9

Mr. V R Narasimhan

Dean, NISM

Member

10

ICAI Representative

Member

11

ICSI Representative

Member

12

LIC Representative

Member

13

General Insurance Companies (Public Sector) Representative

Member

14

Mr. Loknath Kar

Compliance Officer – ICICI Lombard General Insurance Co. Ltd.

Member

15

Mr. Narendra Gangan

Compliance Officer – HDFC Life Insurance Co.

Member

16

Mrs. R. Uma Maheswari

DGM – F&A (NL), IRDAI

Member - Convener

 

The Committee shall submit the Report to the Chairman, IRDAI within a period of three months from the date of this order.

 

The Committee in this regard shall have the following terms of reference:

1.    To review the Guidelines for Corporate Governance for Insurers and suggest changes, if any, specifically in the light of relevant ICPs and Application Papers of IAIS on Governance and control functions.

2.    Any other issues as referred to the Committee.

This is issued with the approval of the Competent Authority.

 

(M. Pulla Rao)

Executive Director (Gen)

  • Download


  • file icon

    Constitution of a Committee on Corporate Governance Guidelines for Insurers.pdf

    790 KB