mumbai insurance regulatory and development authority will meet representatives from the industry on thursday to discuss agenda for irdas governing body meeting on april 4 pranab mukherjee will address the irda board meet for the first time after becoming the finance minister the regulator has called for a meeting to discuss issues to be taken up at the irda board meeting on april 4 a senior executive of a life insurance company said irda chairman j hari narayan told et that executives of life insurance corporation will meet on thursday to discuss issues related to investment without making a specific mention of the meeting between the regulator and the industry representatives in addition to routine developments the regulator will discuss matters related to investments that will be taken up by the board later said the insurance firm executive the irda board meets every quarter to discuss developments of the industry issues such as solvency position industry performance stake sale and licence to insurance companies are taken up by the board irda is examining lics recent investments in companies where they have breached the mandated 10 limit lics investments came under scanner after it put rs 12000 crore in the auction offer of ongc and another rs 8000 crore in staterun banks lic has breached the limit of 10 in more than half a dozen banks such as punjab national bank dena bank and central bank of india as per rules insurance companies investments cannot exceed 10 of a companys net worth there is an investment guideline which every insurance company has to follow it cannot be different for different companies said a senior irda official who did not wish to be quoted anyone violating these norms will be penalised as per the act the regulator is looking to relax investment guidelines on investments in gold securities lending equity derivatives and credit default swaps or cds