The Insurance Regulatory and Development of India (IRDAI) has directed insurance companies to disclose details of remuneration paid to top executives from FY 2016 to 2017, according to a report in The Times of India
In its revised guidelines on corporate governance, IRDAI has mandated insurance companies to disclose remuneration of its managing director (MD), chief executive officer (CEO), and key management personnel.
Said the regulator: "Elements of remuneration package (including incentives) of MD & CEO and all other directors and key management persons should be disclosed," the regulator said.”Elements of remuneration package (including incentives) of MD and CEO and all other directors and key management persons should be disclosed.”
“All pecuniary relationships or transactions of the non-executive directors vis-à-vis the insurance company shall be disclosed in the annual report,” IRDAI added.
The revised guidelines also mandated insurers to disclose their financial performance including growth grate and current financial position.
The new guidelines do not cover reinsurance companies and branches of foreign reinsurers in India.