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Issuing revised guidelines applicable for remuneration payable to key managerial persons (KMPs) of private sector insurance companies from the current financial year, IRDAI has directed the insurers to complete the framing and reviewing of their remuneration policies based on these guidelines within three months. According to the revised guidelines, the minimum parameters which an insurance company should take into account for the determination of performance assessment of all KMPs for payment of variable pay or incentives are overall financial soundness such as net-worth position, solvency, growth in AUM and net profit, compliance with expenses of management (EoM) regulations, claim efficiency in terms of settlement and outstanding, among others. These parameters should constitute at least 60% of the total weightage in the performance assessment matrix of MD/CEO/WTDs (whole-time director), and at least 30% of the total weightage in the performance assessment matrix of other KMPs individually. Variable pay shall be at least 50% of the fixed pay for the corresponding period and shall not exceed 300% of the fixed pay. Where variable pay is up to 200% of the fixed pay, a minimum of 50% of the variable pay shall be via a non-cash instrument. The same limit would be 70%, in case the variable is above 200% of the fixed pay, adding a minimum of 50% of the total variable pay must invariably be under deferral arrangements and the deferral period should be a minimum of three years.
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