Corporate Updates – 23-05-2016


Insurance Regulatory And Development Authority (IRDA) has issued Guidelines on Corporate Governance for Insurance Companies. The revised guidelines combine the stipulations regarding the Corporate Governance practices, appointment of MD/ CEO/ WTD and other KMPs as well as the appointment of Company Secretaries as compliance officer to insurers. These guidelines shall be applicable to all insurers granted registration by IRDA. As per the guidelines each insurer should designate Company Secretary as the Compliance officer whose duty will be to monitor continuing compliance with these guidelines.


MCA has notified the Special Courts and provisions of the Section 435 to 438 (both inclusive) and Section 440 of the Companies Act, 2013. The Central Government MCA (Ministry of Corporate Affairs), after obtaining the concurrence of the respective Chief Justices of the High Courts, designates the Courts as Special Courts for the purposes of trial of offences punishable under the Companies Act, 2013 with imprisonment of two years or more in terms of section 435 of the Companies Act, 2013 and also announced that sections 435 to 438 (both inclusive) and Section 440 to come into form from 18th May, 2016.

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