IRDAI Introduces New Guidelines to Strengthen Corporate Governance in the Insurance Sector
| Key Aspect | Details |
|---|---|
| Regulatory Body | Insurance Regulatory and Development Authority of India (IRDAI) |
| Guideline Issued | Reduction in engagement period of statutory auditors |
| Previous Engagement Period | 10 years |
| New Engagement Period | 4 years |
| Cooling-Off Period | 3 years for outgoing auditors and their affiliates |
| Restrictions on Auditors | Incoming auditors must not include affiliates of retiring auditors |
| Objective | Ensure audit independence, transparency, and accountability |
| Expected Benefits | Enhanced audit quality, rigorous financial reviews, better governance |
| IRDAI Establishment | 1999 |
| IRDAI Headquarters | Hyderabad, Telangana |
| IRDAI Chairperson | Debasish Panda |