The Insurance Regulatory and Development Authority of India (IRDAI) has inducted more members from various sectors, including former State Bank of India (SBI) chairman Dinesh Khara, into its Advisory panel. The Insurance Advisory Committee (IAC) advises the regulator on matters related to insurance regulations.
The IAC include former Life Insurance Corporation (LIC) chairman MR Kumar, former SBI chairman Khara, Aditya Birla Capital CEO Vishakha Mulye, Kotak Mahindra Asset Management Company’s MD Nilesh Shah and former CMD of General Insurance Corporation Re (GIC) Alice G Vaidyan.
Khara is also heading the high-powered committee set up by the regulator to review proposed amendments to the Insurance Act, 1938.
The IAC, set up by IRDAI, has members representing various sectors such as commerce, industry and consumer groups, with a maximum of 25 members excluding the IRDAI chairman and members who are ex-officio members.
In November, IRDAI had suggested some changes in how the IAC advises on regulatory matters. Instead of a fixed schedule, it proposed some flexibility in the number of meetings it conducts, and will use the financial year instead of the calendar year to determine the number of meetings.
The regulatory body had proposed that the IAC be allowed to circulate meeting notices and agendas to its members within seven days, subject to the chairman’s approval.
Other proposed changes include renaming the “designated officer” to “Secretary of the Board,” enabling the chairperson to determine the mode, place, and time of meetings, reducing the notice period for convening an emergency meeting to 24 hours, and adding provisions for the resignation and removal of IAC members.
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