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On 2nd September 2022, the Insurance Regulatory and Development Authority of India (IRDAI) issued the Circular IRDAI/F&I/CIR/MISC/183/9/2022 in regard to the “Appointment or Continuation of Common Director(s) in accordance with Section 48 of the Insurance Act, 1938. The second proviso of Section 48A of the Insurance Act, 1938, states that, “the Authority may permit an agent or intermediary orinsurance intermediary to be on the Board of an insurance company subject to such conditions or restrictions as it may impose to protect the interest of policy holders or to avoid conflict of interest.”
The IRDAI lays down the Framework for the Appointment of Common Director
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