Union Government, Extraordinary, 2013-01-24, Part III-Section 4, Ref. F. No. IRDA/Reg/2/60/2013F. No. IRDA/Reg/2/59/201

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by  Government of India

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URANCE REGULATORY AND DEVELOPMENT AUTHORILY.
NOTIFICATION
THyderabal le Hc January, 2013
IRDA INSURANCE. ADVISORY COMMITTEE (MEETINGS) (FIRST AMENDMEN
REGULATIONS, 2012 .
E.No ERDA/Rey//592013.—tn exercise of powers conlerrod by elanse (eof sub-section (2)
aed sub-section (1) of section 26, read with section 25 of Ins

surance Reyulatory and Developmen
Atburity Act 1998 (41 of 1999), the Autborty in cousaltation with the fesurance Advisory

Committee, heteby makes the following regulations uy amend the IRDA {lnsunance Advisory
Committoc (Meetings)) Regulations, 2000, namely

1 () These regulations may he called the Insurinec Regulatory and Development authority

Gnsurance Advisury Committee (Meetings) (Amendment) Regulations, 2012,

(2) They shall cone tuto foewe on the date af their publiewtioa inthe Official Gace
EE

‘nthe Insurance Advisory Committee (Meeting) Regulations, 2000, -
For the existing regulation 1 (1), the following shall be subscituted:-
Short tide, extent und commencement

1 (1) These regulations, may be called the Tnswance Regulsuiry ain! Development
Aulhurity (Insurance Advisory Committee) Regulations, 2000,

After Regulation 3, fullowing nev Reguliion ne.3A shall be added
“Term of Office

3A. (1) The ierm of office of members ofthe Advisory Commitice shall be fora period of
‘eo years from the date of Uneir amination by the Authurity.

@) AN out-going members may be eligible lor ce-nomination

Pravided that any member who hus hel two consecutive terms a olfice shall by cligible
{or re-noenination only alter the expiry of period of iva yours lrom the date he ceases 3
bbe member of dhe Advisory Committe.

(3) the subregulation (1) and (2 shall mot applicable lo exsulivia anembers of the
Advisory Committee and us metobert uppainted i the Cmmitice by vine af thoi
afficial designation

(4) Tor the purpose of this regulation, the teem of office of members of the Advisory
Commitee shall commence ftom the date of woliivalion of the (Amendmen!)
Regulations 2012.

LL TARTNARAYAN, Chairman
{ADV T vane 161124
1 TH GAZETTE OP INDIA : EXTRAORDINARY [Pme tS 6)

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* JME GAPETUE OF TWUMA : EXTRACRINNARY awe M. Sus €]

NOTIFICATION
‘Hylerabad, the Fm maary, 2013
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (SHARING OF COMFI
DENTIAL INFORMATION CONCERNING DOMESTIC Olt FOREIGN ENTITY)
REGULATIONS, 2012,

Fo. IRDA‘Reg/260/2013.—hn exerive of pomers confered by sections 1 asd section 26 of
seance Beanery ancl Developmen duahority At 1999 (41 of 1999) rea wit setin T14 of
‘the Inssnance Aes, 1938-14 of 1948), the Authortty im consultation with the Iovuranre davon,
Commitie constr ier Section 23 ofthe Ansurenoe Regulatory anc Development aadhoriy
et 1988, hereby makes thn following regedatons, namely

‘Short title and commencement - 1, (I)These Regulations shall be culled IRDA ¢
Confidential Information equceming damestic or fren tty Regulatians 2012.

ing of

(2) They shall ems ito force liom the date aPtheis publication in the OMieial Gace
Definitions -2, In these reputations unless the contest otherwise reires

4% ‘Authority’ shall mean Insurance Kegnlalary & Development Authority satablished
under Suh. Section 6} of Scetion 7 of the Insorance Regulatory ga Development
Authority Aet 1994

». @ ‘Contidential tnformation’ with regard to 4 foreign snticy shall mee intention
jblained fiom che foreign cai that cannot be mde available in che pubsic demain
‘regarding which the conecimed foreign entiey has rsqucsted thet secrecy he taintuined
ther explicitly or under any agrocmert/MoU ta which the both the funcign eatity and
"he Autority ae signatories,

i) Confidential {uiormition’ with regaed 19 domestic entity sholl be ax aeinel in
applicable domestic laws:

© “Custodian of informtion” shall mem an officer designated as ‘cusadian of
Information’ not below the rank of Jeint Ditestor af dhe Authority in whose cus the
smn ats ay rg aR: TT

a

Tigclogure of infor mati
he Following:

camlidentiat information is kepl under Jack end key aay ttom public view and without
‘hose authority and appreval, such information esnsot be zlessed nt arcessed,

Roveign entity shall mean a foreign financtal regulatory authority ot aay foxcign
Financial ean

“Inforwation” inthe enmtext i his eogulacon with regard wo forergn enity shall mean
information in any material Form relating to foreign autbuity being a fareig ficial
regulatory authority andor informacion relating \o wny otbee foreign finanvialeaity
“Jekartuation” in che eomtext of domestic caty shall he as detined in Sectiaa 2 (0 of The
Right to formation Act 2008,

Regulated Entity’ shall meun any entry sowing within the reguluory dma of the
Authority o¢ cutis rgulated by a Foreign fuancial repularory auto:

Requesting Entity shall mean antiy coqvesting ifisraation rletng to a requesied
entity

‘Requested Entity’ shall mean the dumestis or foreign entity whowe information is
subject uf disclosure der these reyutions

‘All words and expressions used herein and uot defined Herein but define! in the
Ingumnee Act, 1H38 (1 of 2938), o in the Insure Regulatory, end) Developme
‘Authority i, £999 shall have the meanings respectively assiwed to dieu imthose Acts

n-3. —_Diselogane nF information wane this ection shall be subject

') Applications tor iscluuse of informatio under The Right uv Taferination
‘Act 2005 shal be processed as enamoroled under the said Act only:

Jesure of intonation under this ction,
gation Act 2005

i) While considering request fe
egand shall be had Seetion & (1) (a1 wf the Right ts Inf
‘sich stares a8 under:

‘Notwithstanding anything contained in his Act, there sill >
ligation ce give amy citizen information, disclosure af whica wad
prejudicialy afece be sovereignty and ineurity uf Indi, the secur
scientific or eccntmie interests of the State, sation with foreign
‘tule or lead to incitement ofan offen.

ii)” Disclosure uf information under this sccson other than (7) abnve) can be
‘considered cmly upon written request for such information hy the requesting
cntity

iv) Upon receiving the written request tor information from the request entiy

boy the Authority, the Awthorily shall notify the Requested Retty of the
‘request aud obtain the caplici prior consort ofthe Requested Entity

Ss Grpsrs
w UF GASELTE OF INDIA : EXTRADRDINANY Fs see.

¥) Disclosure of information can be made only to assist the requesting
suthorities fr the sole purpose ihe lasifl performance af their tie,
Vij Discloxume ean be made only after ohlsining writen approsal of he custodian
of information as datined in Vf).

vii) Whete it ecomes uecessary tor die Authority te shaw Confidential
Information provided by a foreign enty with local, reemal. sore or any law
‘nliarcement or ego authorities wh have authority over the Regulatnt
nue the Awthorty shall

14 Novi the Requested Authority prempllys

Obtain its prior consent; and

©. Prior to passing on the information, ensure that each revipient agrees te
maintain the eoatidential status oF dhe information provides and has legal
_autbority todo so.

vill) Where Confidential Talirmatinn pravided unter this seetion is subjoot wo 2
leyally enfircenble request, the Autheity ll nerity the Requested Aualorily
prior co complying ith such demand, Where consent ts passing 4m
Information is not given by the Requestod Authority the Authority shall ae
all reaconable legal means to resist such 2 demand or prot the
confidentiality ofthe infomation

fx) All employees and affisials currently und previously employed by the
Authority. gaining access (1 confidental informatica relating ¢ fatcian
feltiitdemestic enily inthe curse of Uncir duties while wring with the
Autbosity are bound by an obligaion uf professions! sverey, Any brvach of
ugh abigation will render thee Table foe action 4 por amended URDA
(Canditions of Service af Officers and Other Employees) Regulations, 2000
anu [RDA Seperammntion Fund ard applicable domestic ws

Categorization of informution sought ~ 4. (() Information availahle in public domain, The
IRDA ts Jaid down the preseripliun fer uiselosure af information. These disclosures include
Returns required to be filed wich the IRDA ac periodic inervals includtag monthly, quate, bll=
yearly ad anaual Tn addition, disclosures are als required tbe matte inthe pullic demain at che
eescibed infervas, Broadly, dhe infermatiin available in the public domaain ean bo segregated imo
the towing te categories:

4) Unfonmation available onthe IRDA websiteTRDA publications,
Bb) fuluxmation avaiahle an ihe respective entity's website! its publiily uvailuhle decumcets or
taille with any other simauyePublic body: