Following the introduction of the Insurance Laws (Amendment) Bill, 2008, the Insurance Regulatory and Development Authority (the IRDA) has issued a set of corporate governance guidelines for insurance companies.
Associate
Phoenix Legal
As insurers in India are yet to be listed, corporate governance requirements prescribed under the listing agreements and regulations issued by the Securities and Exchange Board of India (SEBI) do not currently apply to them.
The guidelines impose corporate governance requirements similar to those applicable to listed companies. Insurers are advised to familiarize themselves with typical corporate governance structures and the regulatory requirements for listed companies, and to initiate steps to facilitate a smooth transition at the time of eventual listing. The IRDA mandates all insurers to implement the provisions of the guidelines by April 2010, leaving little time for insurers to overhaul their present corporate structure.
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Divya Vig and Mayank Vikas are associates at Phoenix Legal in New Delhi. They can be reached at divya.vig@phoenixlegal.in and mayank.vikas@phoenixlegal.in.
New Delhi
G/F, 15 Birbal Road,
Jangpura Extension
New Delhi – 110 014, India
Tel +91 11 4376 1100-06
Fax: +91 11 4376 1107
Email: delhi@phoenixlegal.in
Mumbai
First Floor, CS-242,
Mathuradas Mill Compound,
NM Joshi Marg, Lower Parel Mumbai – 400 013, India
Tel: +91 22 4340 8500
Fax: +91 22 4340 8501
Email: mumbai@phoenixlegal.in
