Regulation for
Insurance Advisory Committee Meetings
1. Short title,
extent and commencement
2. Definitions
3.
Procedure for meeting of the Advisory Committee
4. Quorum
5. Minutes of the meetings
6. Miscellaneous provisions
1.
Short title, extent and commencement
(1)
These regulations may be called the Insurance Advisory Committee
(Meetings) Regulations, 2000
(2)
They shall come into force on the date of their publication in the
Official Gazette.
2.
Definitions
In
these regulations, unless the context otherwise requires,--
(a)
"Act" means the Insurance Regulatory and
Development Authority Act, 1999 (41 of 1999);
(b)
"Advisory Committee" means the Insurance Advisory
Committee as constituted by the Authority pursuant to the provisions
of section 25 of the Act;
(c)
"Authority" means the Insurance Regulatory and
Development Authority established under sub-section (1) of section 3
of the Act;
(d)
"Chairperson" means the Chairperson of the
Authority;
(e)
"Designated Officer" means any officer of the
Authority charged with the duty and responsibility of issuance of
notice, circulation of agenda, recording and safe-keeping of the
minutes of the meeting of the Advisory Committee;
(f)
"Member" means a member of the Advisory Committee
as constituted by the Authority under section 25 of the Act and
includes ex officio members (i.e. the Chairperson and members of the
Authority);
(g)
"Members of the Authority" means the members of the
Authority including the Chairperson appointed by the Central
Government pursuant to the provisions of section 4 of the Act;
(h)
"Total strength" means the total number of members
of the Advisory Committee including ex officio members, existing at
the relevant time;
(i)
Words and expressions used in these regulations and not
defined but defined in the Act shall have the same meaning
respectively assigned to them in the Act.
3.
Procedure for meeting of the Advisory Committee
(1)
The Advisory Committee may meet for the despatch of business,
adjourn and otherwise regulate its meetings, as provided in these
regulations.
(2)
The Advisory Committee may meet as often as may be considered
necessary but not less than three times in a year, for advising the
Authority on matters relating to the making of the regulations under
section 26 of the Act and also on such other matters as may be
prescribed under sub-section (5) of section 25 of the Act.
(3)
The meetings of the Advisory Committee shall be held at such place
and time as may be decided by the Chairperson.
(4)
For purposes of convenience of attention to business, the
Chairperson may with the consent of the Advisory Committee also
constitute sub-committee of members whose decision thereon will be
available to the Advisory Committee.
(5)
The notice and agenda for the meeting shall normally be circulated
seven days in advance by the designated officer.
The notice and agenda may be delivered to the members
personally upon acknowledgement or despatched by registered post or
courier service or transmitted through any other secure and reliable
modern means of communication, as may be recognised under any law
for the time being in force. Provided, however, that the Chairperson may convene an
emergent meeting of the Advisory Committee by giving at least
forty-eight hours' notice.
(6)
Every meeting of the Advisory Committee or sub-committee shall be
presided over by the Chairperson.
If for any reason, the Chairperson is unable to attend a
meeting of the Advisory Committee, any other ex officio member,
being a full-time member of the Authority chosen by the members
present shall preside at the meeting.
(7)
An item not included in the agenda of a meeting of the Advisory
Committee may be taken up for consideration, if so approved by the
Chairperson or the presiding member, as the case may be.
4.
Quorum
(1)
The quorum for transaction of business at a meeting of the Advisory
Committee or sub-committee shall be a minimum of one-third of the
total strength. Provided,
however, that any fraction that might arise while calculating the
one-third total strength be disregarded.
(2)
If at any such meeting, quorum is not present, the Chairperson or
the presiding member, as the case may be, shall after waiting for
thirty minutes from the scheduled commencement time of the meeting,
adjourn the meeting for such hour on the same day or some other day
as he may think fit. Where
at the adjourned meeting also the required quorum is not present,
the members present shall constitute the quorum and proceed with the
transaction of business.
(3)
A member shall attend all the meetings of the Advisory Committee or
sub-committee, save where leave of absence has been sought and the
same has been granted by the Chairperson or the presiding member.
(4)
Where a member ceases to attend consecutively three meetings of the
Advisory Committee without just and sufficient cause, the Authority
may consider exclusion of his name from the Advisory Committee and
fill in the resultant vacancy as it may consider necessary.
5.
Minutes of the meetings
(1)
The Chairperson or the presiding member shall cause the minutes to
be recorded of the proceedings at the meetings of the Advisory
Committee or sub-committee in such form and manner as may be
considered appropriate by him.
(2)
The minutes shall also contain the names of members present at the
meeting.
(3)
The minutes of each meeting shall contain a fair and correct summary
of the decisions arrived at the meeting.
(4)
The designated officer shall send a copy of the minutes as finalised
and approved by the Chairperson or the presiding member, as the case
may be, to each of the members for his/her information.
6.
Miscellaneous provisions
(1)
Each member for attending the meetings of the Advisory Committee or
sub-committee shall be entitled to reimbursement of expenses,
sitting fees, incidentals, etc., from the Authority, as per the
stipulations made in this behalf by the Authority from time to time.
(2)
No member, other than the Chairperson or a person specifically
authorised by him shall give information to the Press or to any
other public media on matters relating to the decisions taken at the
meetings of the Advisory Committee or sub-committees.
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