Explain IRDAI's corporate guidelines to insurance companies in addition to the applicable provisions of the Companies Act, 2013/1956.

IRDAI's Corporate guidelines are applicable to insurance companies in addition to the provisions of the Companies Act, 2013/1956. Wherever there is a conflict, the provisions as per The Insurance Regulatory and Development Authority of India's (IRDAI's) Corporate Governance guidelines shall prevail. The mandatory committees for an insurance company are investment committee, Audit committee, Risk Management committee, Corporate Social Responsibility committee, With Profit committee and Policyholders Protection committee. The non-mandatory or optional committees are Asset Liability Management committee & Ethics committee. Auditors, Directors, Actuaries and other key managerial personnel are prohibited from holding positions which are conflicting with each other. Section 48 B and Section 32A of Insurance Act, 1938 provide that a Director of a life Insurance Company shall not be a Director of another life insurance company. However, there are no such prohibitions for non-life or standalone health insurance and Reinsurance companies. The Financial statements of insurance companies are prepared in accordance with Regulations, 2002.