Describe various mandatory Board Committees for Insurance Companies in India with reference to the Insurance Regulatory and Development Authority of India (IRDAI) Corporate Governance Guidelines on Delegation of Function

The Insurance Regulatory and Development Authority of India (IRDAI) has revised the existing Corporate Governance Guidelines for Insurance Companies in the light of changes brought in by the Companies Act, 2013 vide Circular Dated 18th May 2016. As per the said Guidelines, with a view to provide adequate Board time for discharge of the significant corporate responsibilities, the Board can consider setting up of various Committees of Directors by delegating the overall monitoring responsibilities after laying down the roles and responsibilities of these Committees to the Board. IRDAI advises all insurers that it is mandatory to establish the following committees: Audit Committee. Investment Committee. Risk Management Committee. Policyholder Protection Committee. Nomination and Remuneration Committee. Corporate Social Responsibility Committee (only for insurers earning profits). In addition, Regulation 45d of the IRDA (Non-linked Insurance Products) Regulations, 2013 requires constitution of a 'With Profits' Committee by Life Insurance Companies comprising of one Independent Director of the Board, the Chief Executive Officer, the Appointed Actuary of the Company and an Independent Actuary.