:: Royal Monetary Authority of Bhutan - About RMA

1. NAME
The name of the organization shall be “The South Asian Insurance Regulators' Forum” (hereinafter referred to as “the Forum”).

2. OBJECTIVES AND PURPOSES
The objectives of the Forum shall be to promote co-operation among South Asian Insurance Regulators to facilitate regulatory activities; the sharing of information and experiences; and the harmonization of legislative approaches and financial reporting systems, to the extent feasible, and in the process

a) to provide technical expertise for capacity- building within regulatory agencies and the industry;
b) to develop and publish guidelines, manuals, codes of conduct and other publications on current and emerging insurance-related regulatory issues; and
c) to liaise with the International Association of Insurance Supervisors and other international, inter-governmental and regional organizational dealing with insurance-related or trade issues.

3. MEMBERSHIP
a) The membership of the Forum shall consist of the following :
i. Those regulatory agencies attending the first meeting of the forum held in Colombo in December 2001 and who are signatories to this text; and
ii. Those regulatory agencies seeking membership and which agree to subscribe to this Constitution and are admitted by the Assembly.

b) In considering applications for membership the Assembly should ensure that the applicant regulatory agency is officially recognized by the law of that country.

c) Members shall undertake to:
i. abide by the Constitution ;
ii. support the work plan of the Forum; and
iii. Pay such subscription fee as fixed from time to time by the Assembly.

d) A member body may withdraw from the Forum by giving three months notice in writing to the Chairman of the Forum.

4. GOVERNING BODY
a) The Governing Body of the Forum shall be the Assembly.
b) The Assembly shall consist of one representative designated from each member body who shall have authority to vote on behalf of the member he represents, on matters before the Assembly. Each designated representative may be accompanied at the meetings of the Assembly by one or more delegates who shall have no right to vote.
c) The Assembly shall have authority to take all steps necessary to further the objectives of the Forum. Without detracting from the generality of its powers, the Assembly shall inter alia:

i. determine the timing, venue and host body(ies) of the regional Conferences;
ii. determine the financial contribution to be made by each members body and the purposes for which such contribution may be used;
iii. admit or reject applications for membership of the Forum;
iv. receive reports and audited accounts of the Forum;
v. appoint such committees as it may deem proper for carrying out such assignment as it may determine;
vi. appoint auditor and fix their remuneration;
vii. establish rules of procedure consistent with the provisions of the Constitution ;
viii. accept the resignation of a member body;
ix. distribute annual reports and audited accounts to member bodies
x. maintain accounts from subscriptions and any other receipts accepted by the Forum; and
xi. carry out such amendments to the Constitution, as it may consider necessary.

5. ORDINARY MEETINGS
A meeting of the Assembly shall be held at least once in every calendar year.

6. SPECIAL MEETINGS
Special meetings of the Assembly shall be held at a time and place to be decided by the Chairman on written demand of not less then one-half of the member bodies, stating the purpose of the meeting.

7. QUORUM
The Assembly shall not take action on matters coming before it unless at least one-half of the members eligible to vote are present at the meeting. If less that half the members are represented at a meeting of the Assembly, the meeting shall stand adjourned. On the date to which the meeting is adjourned, the meeting shall proceed to transact the business notwithstanding the fact that there may be less than one-half of the member bodies present.

8. VOTE
a) Each member body shall have one vote.
b) Decisions of the Assembly shall be taken by a simple majority of those present and voting. Voting shall be by show of hands, unless a poll is requested.

9. POSTAL BALLOT
Except for amendments to the Constitution, a postal ballot may be taken when so authorized by the Chairman. A decision shall be taken based on the majority of those voting within the specified deadline. Votes received after the deadline shall not be counted.

10. NOTICE OF MEETINGS
a) A notice of not less than two months shall be given for an ordinary meeting of the Assembly and shall be accompanied by a statement of business to be transacted. A member body may have a matter included on the agenda of an ordinary meeting, provided a request for such inclusion is received one month in advance of the meeting.
b) No business other than that included in the agenda for the ordinary meeting shall be transacted at such meeting except with the consent of the Chairman.
c) A notice of not less than two weeks shall be required for convening a special meeting of the Assembly and no other business shall be transacted at the meeting except the business for which the Assembly is specially convened.

11. CHAIRMAN OF MEETINGS
All Ordinary or Special Meeting of the Assembly shall be chaired by the Chairman. In his absence, the Vice-Chairman designated as the Chairman for the next calendar year shall act as the Acting Chairman. In the absence of both, the Assembly may elect any other Vice-Chairman to assume the Chairmanship of the Meeting.

12. CHAIRMAN
a) The meeting of the Assembly shall annually elect a Chairman from among the representative of the member bodies of the Forum. He shall hold office till a new Chairman is elected at the Ordinary Meeting of the Assembly. The term of office of the chairman shall be one calendar year, without the right of succession.
b) The Chairman shall be the Chief Executive Officer of the Forum.

13. DUTIES OF THE CHAIRMAN
The Chairman shall have authority to:

a) give notice of and organized ordinary and special meetings of the Assembly and determine the agenda;
b) prepare the annual report of the Forum ;
c) arrange the preparation of the annual accounts of the Forum;
d) preside over meetings of the Assembly
e) prepare the annual work plan of the Forum ; and
f) carry out such other duties as may be assigned to him by the Assembly.

14. VICE -CHAIRMAN
The meeting of the Assembly shall elect as Vice-Chairman a representative from each of the member bodies of the Forum. One such Vice Chairman shall be designated as the Chairman for the next calendar year. In the absence of the Chairman, the Vice-Chairman designated by the Assembly to be the Chairman at the next calendar year shall perform all such functions as have been specially assigned to the Chairman and such other functions as may be assigned to him by the Assembly.

15. CASUAL VACANCY
If a casual vacancy arises in the case of the office of the Chairman, the Vice-Chairman designated as the Chairman for the next calendar year shall take over as the Chairman and shall hold the office for the remaining term. He shall also be eligible to be elected as the Chairman for the immediately succeeding term.

16. GENERAL
The Forum shall maintain close co-ordination with relevant international regulatory bodies and shall obtain, if feasible, membership of such bodies either as a regular member or as an observer.

17. AMENDMENTS TO THE CONSTITUTION
Amendment to the Constitution shall require the approval of three-fourths of the member bodies of the Forum and shall not be carried out except at a meeting of the Assembly, provided that a representative who is unable to attend the meeting may vote through a postal ballot.

18. TRASITIONAL PROVISIONS
a) The undersigned representatives of the Member Bodies hereby collectively agree to establish and maintain the said Forum with the objectives, powers, membership and obligations of membership set out herein, subject however to the right of any Member Body to request any amendment or to make any reservation within three months from the date hereof. In the event of a request for an amendment or reservation, the Forum shall function subject to such reservation or the adoption of the amendment at the next meeting of the Forum.
b) Until the next annual meeting of the Forum the undersigned representative elects the representative of the Member Body of Sri Lanka as the first Chairman, the representative of the Member Body of India as the Vice-Chairman designated as the Chairman for the next calendar year and the representatives of the other Member Bodies as the other Vice Chairman.


	Constitution
	1. NAME The name of the organization shall be “The South Asian Insurance Regulators' Forum” (hereinafter referred to as “the Forum”). 2. OBJECTIVES AND PURPOSES The objectives of the Forum shall be to promote co-operation among South Asian Insurance Regulators to facilitate regulatory activities; the sharing of information and experiences; and the harmonization of legislative approaches and financial reporting systems, to the extent feasible, and in the process a) to provide technical expertise for capacity- building within regulatory agencies and the industry; b) to develop and publish guidelines, manuals, codes of conduct and other publications on current and emerging insurance-related regulatory issues; and c) to liaise with the International Association of Insurance Supervisors and other international, inter-governmental and regional organizational dealing with insurance-related or trade issues. 3. MEMBERSHIP a) The membership of the Forum shall consist of the following : i. Those regulatory agencies attending the first meeting of the forum held in Colombo in December 2001 and who are signatories to this text; and ii. Those regulatory agencies seeking membership and which agree to subscribe to this Constitution and are admitted by the Assembly. b) In considering applications for membership the Assembly should ensure that the applicant regulatory agency is officially recognized by the law of that country. c) Members shall undertake to: i. abide by the Constitution ; ii. support the work plan of the Forum; and iii. Pay such subscription fee as fixed from time to time by the Assembly. d) A member body may withdraw from the Forum by giving three months notice in writing to the Chairman of the Forum. 4. GOVERNING BODY a) The Governing Body of the Forum shall be the Assembly. b) The Assembly shall consist of one representative designated from each member body who shall have authority to vote on behalf of the member he represents, on matters before the Assembly. Each designated representative may be accompanied at the meetings of the Assembly by one or more delegates who shall have no right to vote. c) The Assembly shall have authority to take all steps necessary to further the objectives of the Forum. Without detracting from the generality of its powers, the Assembly shall inter alia: i. determine the timing, venue and host body(ies) of the regional Conferences; ii. determine the financial contribution to be made by each members body and the purposes for which such contribution may be used; iii. admit or reject applications for membership of the Forum; iv. receive reports and audited accounts of the Forum; v. appoint such committees as it may deem proper for carrying out such assignment as it may determine; vi. appoint auditor and fix their remuneration; vii. establish rules of procedure consistent with the provisions of the Constitution ; viii. accept the resignation of a member body; ix. distribute annual reports and audited accounts to member bodies x. maintain accounts from subscriptions and any other receipts accepted by the Forum; and xi. carry out such amendments to the Constitution, as it may consider necessary. 5. ORDINARY MEETINGS A meeting of the Assembly shall be held at least once in every calendar year. 6. SPECIAL MEETINGS Special meetings of the Assembly shall be held at a time and place to be decided by the Chairman on written demand of not less then one-half of the member bodies, stating the purpose of the meeting. 7. QUORUM The Assembly shall not take action on matters coming before it unless at least one-half of the members eligible to vote are present at the meeting. If less that half the members are represented at a meeting of the Assembly, the meeting shall stand adjourned. On the date to which the meeting is adjourned, the meeting shall proceed to transact the business notwithstanding the fact that there may be less than one-half of the member bodies present. 8. VOTE a) Each member body shall have one vote. b) Decisions of the Assembly shall be taken by a simple majority of those present and voting. Voting shall be by show of hands, unless a poll is requested. 9. POSTAL BALLOT Except for amendments to the Constitution, a postal ballot may be taken when so authorized by the Chairman. A decision shall be taken based on the majority of those voting within the specified deadline. Votes received after the deadline shall not be counted. 10. NOTICE OF MEETINGS a) A notice of not less than two months shall be given for an ordinary meeting of the Assembly and shall be accompanied by a statement of business to be transacted. A member body may have a matter included on the agenda of an ordinary meeting, provided a request for such inclusion is received one month in advance of the meeting. b) No business other than that included in the agenda for the ordinary meeting shall be transacted at such meeting except with the consent of the Chairman. c) A notice of not less than two weeks shall be required for convening a special meeting of the Assembly and no other business shall be transacted at the meeting except the business for which the Assembly is specially convened. 11. CHAIRMAN OF MEETINGS All Ordinary or Special Meeting of the Assembly shall be chaired by the Chairman. In his absence, the Vice-Chairman designated as the Chairman for the next calendar year shall act as the Acting Chairman. In the absence of both, the Assembly may elect any other Vice-Chairman to assume the Chairmanship of the Meeting. 12. CHAIRMAN a) The meeting of the Assembly shall annually elect a Chairman from among the representative of the member bodies of the Forum. He shall hold office till a new Chairman is elected at the Ordinary Meeting of the Assembly. The term of office of the chairman shall be one calendar year, without the right of succession. b) The Chairman shall be the Chief Executive Officer of the Forum. 13. DUTIES OF THE CHAIRMAN The Chairman shall have authority to: a) give notice of and organized ordinary and special meetings of the Assembly and determine the agenda; b) prepare the annual report of the Forum ; c) arrange the preparation of the annual accounts of the Forum; d) preside over meetings of the Assembly e) prepare the annual work plan of the Forum ; and f) carry out such other duties as may be assigned to him by the Assembly. 14. VICE -CHAIRMAN The meeting of the Assembly shall elect as Vice-Chairman a representative from each of the member bodies of the Forum. One such Vice Chairman shall be designated as the Chairman for the next calendar year. In the absence of the Chairman, the Vice-Chairman designated by the Assembly to be the Chairman at the next calendar year shall perform all such functions as have been specially assigned to the Chairman and such other functions as may be assigned to him by the Assembly. 15. CASUAL VACANCY If a casual vacancy arises in the case of the office of the Chairman, the Vice-Chairman designated as the Chairman for the next calendar year shall take over as the Chairman and shall hold the office for the remaining term. He shall also be eligible to be elected as the Chairman for the immediately succeeding term. 16. GENERAL The Forum shall maintain close co-ordination with relevant international regulatory bodies and shall obtain, if feasible, membership of such bodies either as a regular member or as an observer. 17. AMENDMENTS TO THE CONSTITUTION Amendment to the Constitution shall require the approval of three-fourths of the member bodies of the Forum and shall not be carried out except at a meeting of the Assembly, provided that a representative who is unable to attend the meeting may vote through a postal ballot. 18. TRASITIONAL PROVISIONS a) The undersigned representatives of the Member Bodies hereby collectively agree to establish and maintain the said Forum with the objectives, powers, membership and obligations of membership set out herein, subject however to the right of any Member Body to request any amendment or to make any reservation within three months from the date hereof. In the event of a request for an amendment or reservation, the Forum shall function subject to such reservation or the adoption of the amendment at the next meeting of the Forum. b) Until the next annual meeting of the Forum the undersigned representative elects the representative of the Member Body of Sri Lanka as the first Chairman, the representative of the Member Body of India as the Vice-Chairman designated as the Chairman for the next calendar year and the representatives of the other Member Bodies as the other Vice Chairman.