78-13 Guidelines for Corporate Governance for Insurers in India

Summary

The objective of the guidelines is to ensure that the structure, responsibilities and functions of Board of Directors and the management of the company recognize 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. These guidelines therefore amplify on certain issues which are covered in the Insurance Act, 1938 and the regulations framed thereunder and include measures which are additionally considered essential by IRDAI for adoption by insurers.

Thumbnail image for The objective of the guidelines is to ensure that the structure, responsibilities and functions of Board of Directors and the management of the company recognize 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. These guidelines therefore amplify on certain issues which are covered in the Insurance Act, 1938 and the regulations framed thereunder and include measures which are additionally considered essential by IRDAI for adoption by insurers.

Issuer

India

Year

2016

Region

Asia

Issuer (type)

Insurance Regulatory and Development Authority (Government)

Policy Type

Disclosure

Geographical scope

National

Mandatory or voluntary

Voluntary

Main industries targeted

Finance & Insurance
Information
Arts, Entertainment, & Recreation
Education

Restrictiveness

Low

Sustainable Development Goals (SDGs)

SDG 1: No Poverty
SDG 2: Zero Hunger
SDG 5: Gender Equality
SDG 6: Clean Water and Sanitation
SDG 14: Life Below Water