Explain the regulatory requirements to constitute an investment committee in insurance companies working in India.

Investment Committee: In terms of Corporate Governance Guidelines for Insurance Companies issued by IRDA, the Board of every Insurer working in India shall set up an Investment Committee comprising of at least two Non Executive Directors, the Chief Executive Officer, Chief of Finance, Chief of Investment Division and wherever an appointed actuary is employed, the Appointed Actuary. The constitution of the Investment Committee should be approved by the Board of Directors and any new appointment or removal of any member of the Investment Committee shall also be approved by the Board and be communicated to the IRDA within 30 days. The Committee shall be responsible for laying down an overall investment policy and operational framework for the investment operations of the insurer.