hyderabad irda has allowed ceos of life companies to be directors on boards of insurance companies overseas in its final guidelines on corporate governance irda has however made it clear that a ceo of a life insurance firm will be prohibited from being a director on the board of any other indian insurance company bank or investment company this is in sync with the insurance law however such a restriction is not in place for ceos of nonlife companies the insurance regulator has also advised insurers to have a whistleblower policy allowing employees to raise concerns internally on possible irregularities in financial reporting and governance weaknesses insurers though will have the flexibility in designing their whistle blower policies all insurers have to mandatorily setup a policy holder protection committee that will among other things monitor misselling of insurance products and oversee the conduct of market intermediaries the norms are more stringent for life insurers with the irda making it mandatory for them to set up an assetliability management committee the idea is to ensure that investments are done in a way that would enable the firm to meet its cash flow and capital requirements at a future date