– Kaushal Shah, Executive | kaushal@vinodkothari.com
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Our related write-up:
IRDA rolls out conditions for common directorship in insurance company and intermediary – https://vinodkothari.com/2022/09/irda-rolls-out-conditions-for-common-directorship-in-insurance-company-and-intermediary/
Write ups on Corporate Laws – https://vinodkothari.com/category/corporate-laws/
If compliant, to be regarded as deemed approval under Section 48A of the Insurance Act, 1938.
– Aanchal Kaur Nagpal, Manager & Sharon Pinto, Manager (corplaw@vinodkothari.com)
Insurance relationships are fundamentally built on trust between insurers and their customers. (Insurance and Regulatory Development Authority of India (‘IRDA’) has been quite stringent with respect to curbing instances of conflicts of interest in case of insurance companies and/ or insurance intermediaries.
As per Exposure Draft on IRDAI (Conflict of Interest) Guidelines, 2019[1], “Conflict of Interest” means a situation in which a person or organization is involved in multiple interests, financial or otherwise, and serving one interest could involve working against another and includes situations when a person’s impartial and objective performance of duties or decision-making could be jeopardized because of personal interests being involved;
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