Amendment in the Insurance Regulatory and Development Authority Salary and Allowances payable to and other terms and conditions of service of Chairperson and other members Rules, 2000.

REGD. No. D. L.-33004/99 The Gazette of India CG-DL-E-21102024-258118 EXTRAORDINARY PART II-Section 3-Sub-section (i) PUBLISHED BY AUTHORITY No. 594] NEW DELHI, MONDAY, OCTOBER 21, 2024/ASVINA 29, 1946 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II-SEC. 3(i)] MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 21st October, 2024 G.S.R. 650(E).—In exercise of the powers conferred by sub-section (1) and clauses (a) and (b) of sub-section (2) of section 24 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), except as respect things done or omitted to be done on and from the date 1st January, 2024 till the date of publication of this notification in the Official Gazette, the Central Government hereby makes the following rules further to amend the Insurance Regulatory and Development Authority (Salary and Allowances payable to, and other terms and conditions of service of Chairperson and other members) Rules, 2000, namely:— 1. Short title and commencement.—(1) These rules may be called the Insurance Regulatory and Development Authority (Salary and Allowances payable to, and other terms and conditions of service of Chairperson and other members) Amendment Rules, 2024. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Insurance Regulatory and Development Authority (Salary and Allowances payable to, and other terms and conditions of service of Chairperson and other members) Rules, 2000, in rule 3,— (i) in sub-rule (1), for the words "rupees four lakh fifty thousand", the words "rupees five lakh sixty- two thousand and five hundred" shall be substituted; (ii) in sub-rule (2), for the words "rupees four lakh", the words "rupees five lakh" shall be substituted: (iii) after sub-rule 2, the following provisions shall be inserted, namely:— "Provided that in respect of retired Government officers appointed as Chairperson or whole-time members, there shall be no-deduction of pension from the Consolidated salary: Provided further that the Chairperson and whole-time member shall be entitled to a salary under this rule with effect from the 1st day of January, 2024.". [F. No. R-12012/01/2024-Ins.I] PARSHANT KUMAR GOYAL, Jt. Secy. EXPLANATORY MEMORANDUM The above amendment to the Rules is given retrospective effect, as the Central Government had accorded approval to the revised consolidated salary of Chairperson and Members of Insurance Regulatory and Development Authority with effect from 1st January, 2024 vide Department of Expenditure's O.M. No.16-01/2017-E.III.A dated 10th June 2024. 2. It is certified that no Chairperson or whole-time member, past or present, of the Insurance Regulatory and Development Authority of India (IRDAI) is likely to be affected adversely by the proposed amendment being given with retrospective effect. Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide notification number G.S.R. 841(E), dated the 25th October, 2000 and subsequently amended vide notification numbers G.S.R. 827 (E), dated the 1st December, 2008, G.S.R. 307(E), dated the 19th April, 2012, G.S.R. 269(E), dated the 4th April, 2014, G.S.R. 274(E), dated the 7th April, 2014, and G.S.R. 461(E), dated the 21st June, 2022.