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Insurance Regulatory and Development Authority of India (IRDAI) has put additional responsibility on insurance company boards to ensure that sound governance is practised as well as non-compliance is addressed quickly Stock Market Trading Tips

The regulator said the objective of the guidelines is to ensure the structure, responsibilities and functions of Board of Directors and the management of the company recognise the expectations of all stakeholders as well as those of the regulator.

The structure should take steps required to adopt sound and prudent principles and practices for the governance of the company and should have the ability to quickly address issues of non-compliance or weak oversight and controls.

IRDAI has prescribed a minimum lock-in period of 5 years from the date of certificate of commencement of business of an insurer (R3) for the promoters of the insurance company and no transfer of shares of the promoters is permitted within this period without the specific approval of the Authority Himanshu Tiwari Astrologer Blog

The board will be responsible for defining standards of business conduct and ethical behaviour for directors and senior management and also defining the standards to be maintained in policyholder servicing and in redressal of grievances of policyholders. It also said that the Board would be responsible to provide guidance for implementation of business strategy and review the same periodically.

As an integral part of proper implementation of the business strategy, the Board will be required to establish appropriate systems to regulate the risk appetite and risk profile of the Company. It will also enable identification and measurement of significant risks to which the company is exposed in order to develop an effective risk management system Indian stock market astrology prediction

Further, it also advised advises insurers that it is mandatory to establish Committees for Audit, Investment, Risk Management, Liability-Asset Management (for life insurers), Policyholder Protection, Nomination and Remuneration, Corporate Social Responsibility (only for insurers earning profits).

The regulator said that the Board of Directors and Key Management Persons should understand the operational structure of the insurer and have a general understanding of the lines of business and products of the insurer, more particularly as the insurer grows in sise and complexity.

It added that insurers are required to have a minimum of three Independent Directors, and those with less than that have to comply within one year of these guidelines being notified. tion of shares is in compliance with the above provisions of the Act, Regulations and circulars issued by IRDAI from time to time Commodity Market Astrology Tips