IRDA [Insurance Advisory Committee (Meetings)](Amendment) Regulations, 2012

IRDA [Insurance Advisory Committee (Meetings)] (First Amendment) Regulations, 2012 - Amendment in Regulation 1 and insertion of Regulation 3A

Notification F. No. IRDA/Reg/1/59/2013, Dated 11-1-2013

In exercise of powers conferred by clause (e) of sub-section (2) and sub-section (1) of section 26, read with section 25 of Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), the Authority in consultation with the Insurance Advisory Committee, hereby makes the following regulations to amend the IRDA [Insurance Advisory Committee (Meetings)] Regulations, 2000, namely:-

1. (1) These regulations may be called the Insurance Regulatory and Development Authority [Insurance Advisory Committee (Meetings)] (Amendment) Regulations, 2012.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Insurance Advisory Committee (Meeting) Regulations, 2000, -

For the existing regulation 1(1), the following shall be substituted:-

Short title, extent and commencement

1. (1) These regulations, may be called the Insurance Regulatory and Development Authority (Insurance Advisory Committee) Regulations, 2000.

3. After Regulation 3, following new Regulation No.3A shall be added

Term of Office

3A. (1) The term of office of members of the Advisory Committee shall be for a period of two years from the date of their nomination by the Authority.

(2) All out-going members may be eligible for re-nomination

Provided that any member who has held two consecutive terms of office shall be eligible for re-nomination only after the expiry of a period of two years from the date he ceases to be member of the Advisory Committee.

(3) The sub-regulations (1) and (2) shall not applicable to ex-officio members of the Advisory Committee and to members appointed to the Committee by virtue of their official designation.

(4) For the purpose of this regulation, the term of office of members of the Advisory Committee shall commence from the date of notification of the (Amendment) Regulations, 2012.