Clarification on circular on appointment or continuation of common director (dated-13.09.2022)-IRDAI.

• 14th, September 2022
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Clarification on circular on appointment or continuation of common director (dated-13.09.2022)-IRDAI.

• The Authority hereby clarifies that:
• The Directors appointed under section 48A of the Insurance Act, 1938 after obtaining due approval of the authority may continue to hold directorship till completion of tenure of appointment.
• The Provision of clause 3(b) of the said circular shall not be applicable in case of any director appointed or proposed to be appointed as nominee of promoter of the insurer. Refer attachment for further details.