Section 10 of IRDAI Act : Section 10: Meetings Of Authority

Explanation using Example

Imagine the Insurance Regulatory and Development Authority (IRDA) needs to decide on a new regulation that affects the premium rates of health insurance policies. According to Section 10(1), they would schedule a meeting following specific rules and procedures, including a minimum number of members present to form a quorum.

If the Chairperson is sick on the day of the meeting, Section 10(2) would allow the attending members to select an acting chairperson from among themselves to lead the meeting.

During the meeting, if there's a proposal to increase the premium rates, and after discussion, the vote is split equally, Section 10(3) provides that the Chairperson (or the acting chairperson in this case) would have the deciding vote, thanks to their second or casting vote.

Moreover, the procedures they follow during this meeting, such as how they vote or how agenda items are presented, would be based on regulations that the Authority has created for itself as per Section 10(4).