Managerial Remuneration Of Insuance Companies

Ref: Circular by IRDA dated April 29, 2003 “Preparation of financial statements by the insurers – Non Life” Managerial remuneration – Applicability of sections 198, 349 and 350 of the Companies Act: Other than the sections which have been specifically made inapplicable to the insurance companies, all other sections are applicable to them. Further, the managerial remuneration is to be decided by the Authority. Section 198, 349 and 350 are not inapplicable for insurance companies, further whenever there is need to obtain Central Governments’ approval under the sections, the companies have to approach IRDA for its approval instead of CG Source: http://www.irdaindia.org/Finance_And_Analysis/Preparation%20of%20financial %20statements%20by%20the%20insurers%20-%20Non%20Life%20Dt.%2029-0403.pdf