In exercise of the powers conferred by sub-section (4) of section 10
read with clauses (a) and (b) of sub-section (2) of section 26 of
the Insurance Regulatory and Development Authority Act, 1999 (41 of
1999), the Authority, in consultation with the Insurance Advisory
Committee, hereby makes the following regulations, namely--
1.
Short title, extent and commencement
(1)
These regulations may be called the Insurance Regulatory and
Development Authority (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)
"Authority" means the Insurance Regulatory and
Development Authority established under sub-section (1) of section 3
of the Insurance Regulatory and Development Authority Act;
(c)
"Chairperson" means the Chairperson of the
Authority;
(d)
"Committee" means every committee of the members
formed by general or special order in writing by the Authority,
pursuant to the provisions of sub-section (2) of section 23 of the
Act;
(e)
"Designated Officer" means any officer of the
Authority charged with the duty and responsibility of issuance of
notice, circulation of agenda, recording, circulation and
safe-keeping of minutes of the meetings of the Authority or any
Committee thereof;
(f)
"Member" means a whole-time or a part-time member
of the Authority and includes the Chairperson;
(g)
"Total strength" means the total number of members
appointed as members of the Authority from time to time;
(h)
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.
Meetings of the Authority for transaction of business and procedure
to be followed
(1)
The Authority may meet for the transaction of business, adjourn and
otherwise regulate its meetings, as provided in these regulations.
(2)
The Authority shall meet, as often as may be necessary but not less
than six times in a year, to transact its business.
(3)
The meetings of the Authority shall normally be held at its Head
Office. Whenever
circumstances render it expedient to hold a meeting elsewhere, the
same may be so held at any other place in India, at the discretion
of the Chairperson.
(4)
The Chairperson and in his absence, the senior-most full-time member
of the Authority shall fix the date, time and place of meetings of
the Authority and approve the items of agenda for the meetings.
(5)
The notice and agenda for the meeting shall be normally circulated
seven days in advance by the Designated Officer.
The notice and agenda may be delivered to the members
personally upon acknowledgement or despatched through registered
post 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.
(6)
Every meeting of the Authority shall be presided over by the
Chairperson. If for any
reason, the Chairperson is unable to attend a meeting of the
Authority, any other member chosen by the members present from
amongst themselves at the meeting shall preside at the meeting.
(7)
All questions which come up before any meeting of the Authority
shall be decided by a majority in case of voting by the members
present and in the event of any equality of votes, the Chairperson,
or in his absence, the presiding member shall have a casting vote.
(8)
An item not included in the agenda of a meeting 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 Authority
shall be a minimum of one-third of the appointed members present.
(2)
Where at any time the total strength of the Authority is less than
four, the total number of members, being not less than two, shall
constitute the quorum during such time.
(3)
If at any meeting, quorum is not present, the Chairperson or the
presiding member, as the case may be, shall after waiting for thirty
minutes, adjourn the meeting for such hour on some other day as he
may think fit and the notice of such adjournment shall be given to
all the members and the business which was to have been brought
before the original meeting, had there been a quorum, shall be
brought before the adjourned meeting.
Where at the adjourned meeting also, the required quorum is
not present, the members present, shall constitute the quorum.
(4)
A member shall attend all the meetings of the Authority, save where
leave of absence has been sought and the same has been granted by
the Chairperson or the presiding member.
5.
Emergent meeting
(1)
Notwithstanding anything contained in the foregoing regulations, the
Chairperson may, by giving at least forty-eight hours' notice,
convene an emergent meeting of the Authority at any time or place to
consider any item, which in his opinion, requires an urgent
decision.
(2)
The Chairperson shall call an emergent meeting if he receives the
requisition in writing, signed by members constituting not less than
one-half of the total strength, stating the purpose for which they
desire the meeting to be called.
Upon receipt of the requisition, the Chairperson shall by
giving at least forty-eight hours' notice, convene the requisitioned
emergent meeting.
6.
Minutes of the meetings
(1)
The Designated Officer shall record, within forty-eight hours of the
conclusion of every meeting, the minutes of all proceedings at the
meeting of the Authority or committee meeting of the Authority and
after obtaining the approval of the Chairperson or the presiding
member, as the case may be, enter the minutes in books kept for that
purpose.
(2)
Each page of every such book shall be initialled or signed and the
last page of the record of proceedings of each meeting in such books
shall be dated and signed by the Chairperson or the presiding
member, as the case may be.
(3)
In no case the minutes of the proceedings of a meeting shall be
attached to any such book as aforesaid by pasting or otherwise but
may be kept on loose-leaf style and bound regularly.
(4)
Notwithstanding anything contained in sub-regulation (3), the
minutes may also be kept by way of micro films or any other
authentic modern means of safe storing and retrieval of records or
printed material produced by a computer, if the same is recognised
under any law and subject to the conditions, restrictions or
safeguards mentioned in such law.
(5)
The minutes of each meeting shall contain a fair and correct summary
of the decisions arrived at the meeting.
(6)
The minutes shall also contain--
(a)
the names of the members present at the meeting; and
(b)
in the case of each decision taken at the meeting, the names
of the members, if any, dissenting from, or not concurring with the
decision taken.
(7)
Nothing contained in this regulation shall be deemed to require the
inclusion in any such minutes of any matter which are detrimental to
the interests of the Authority.
Explanation :
The Chairperson or the presiding member, as the case may be, shall
exercise an absolute discretion in regard to the inclusion or
non-inclusion of any matter in the minutes on any ground specified
in this sub-regulation.
(8)
Minutes of the meetings kept in accordance with this regulation
shall be evidence of the proceedings recorded therein.
(9)
The Designated Officer shall after the approval of the minutes by
the Chairperson or the presiding member, as the case may be, send a
copy of the minutes as entered in the minutes books to every member
of the Authority for his information.
(10)
The Designated Officer shall also communicate, with the approval of
the Chairperson or the presiding member, the relevant extracts of
the decision taken at the meeting of the Authority or any of its
committees to all concerned for necessary follow-up action and
monitor their compliance by evolving a suitable reporting system.
Periodical reports on follow-up action shall be submitted to
the Authority.
7.
Invitees at meetings
Any
person whose presence at a meeting is desired for his
advice/consultation, may be invited to attend the meeting by the
Chairperson.
8.
Miscellaneous provisions
(1)
The provisions of these regulations shall apply mutatis mutandis to
meetings of committees of members.
(2)
The Chairperson may attend any committee meeting as ex officio
member and whenever the Chairperson attends any committee meeting,
he shall preside over that meeting.
(3)
No member, other than the Chairperson or a person specifically
authorised by him, shall give information to the Press or any other
public media or matters relating to the working of the Authority and
decisions taken at meetings.
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