IRDA clearance required for top level appointments in insurance companies

Insurance Regulatory & Development Authority (IRDA) in a circular dated 23rd August has reiterated that no appointment, re-appointment or termination of CEO, Whole-time Director or Managing Director of an insurance company is valid unless the previous approval of IRDA.

IRDA has advised that the prior approval of the Authority is a statutory requirement and clearance would be subject to detailed due diligence conducted by the Authority.

IRDA has observed that insurers seek approvals without providing adequate time to examine such proposal and there are instances where approvals have been sought post facto.

In view of the above, all the insurers are hereby advised that such references seeking prior approval should reach the Authority at least 30 days prior to the commencement of appointment to allow sufficient time for the Authority to examine such proposals and accord approval.

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