The Insurance Regulatory and Development Authority of India (IRDAI) has reconstituted its Insurance Advisory Committee (IAC), appointing new members from diverse backgrounds. The IAC advises IRDAI on regulatory matters related to the insurance industry. The new members include:
* MR Kumar, former chairman of Life Insurance Corporation (LIC)
* Dinesh Kumar Khara, former chairman of State Bank of India (SBI)
* Vishakha Mulye, CEO of Aditya Birla Capital
* Nilesh Shah, MD of Kotak Mahindra Asset Management Company
* Alice Geevarghese Vaidyan, former chairman and MD of General Insurance Corporation Re (GIC Re)
The IAC’s roles and structure are crucial in providing expert recommendations to IRDAI on regulatory matters. The committee can have up to 25 members, excluding the chairperson and other ex-officio members. IRDAI has also proposed changes to the IAC’s operations, including:
* Shifting from a calendar year to a financial year format for meetings
* Reducing the notice period for meetings from seven days to 24 hours, subject to the chairperson’s approval
* Renaming the “designated officer” to “secretary to the authority”
* Introducing provisions for the resignation and removal of committee members
* Allowing the chairperson to determine the mode, place, and timing of meetings
These changes aim to streamline the advisory process and enhance the effectiveness of regulatory decision-making. The reconstitution of the IAC reflects IRDAI’s commitment to leveraging expertise from across the financial and insurance sectors. With this development, the regulator seeks to improve the efficiency and effectiveness of the insurance industry’s regulatory framework.