The committee is responsible for advising IRDAI on regulatory matters concerning the insurance industry.
New appointments to the IAC
According to the official gazette notification published by IRDAI, the following individuals have been appointed to the Insurance Advisory Committee:
MR Kumar, former chairman of Life Insurance Company (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)
Dinesh Kumar Khara is also heading a high-level committee formed by IRDAI to review proposed amendments to the Insurance Act, 1938, as per Business Standard.
Role and structure of the IAC
The Insurance Advisory Committee plays a crucial role in providing expert recommendations to IRDAI on regulatory matters. It consists of members from various sectors, including commerce, industry, and consumer groups.
The committee can have a maximum of 25 members excluding IRDAI’s chairperson and other ex-officio members.
Proposed changes in IAC operations
In November 2024, IRDAI suggested modifications to how the IAC functions. The regulator proposed making the number of meetings more flexible by shifting from a calendar year to a financial year format.
It also recommended reducing the notice period for meetings from seven days, subject to the chairperson’s approval, and renaming the ‘designated officer’ to ‘secretary to the authority.”
Further, the chairperson would have the authority to determine the mode, place and timing of meetings, while emergency meetings could be convened with a 24-hour notice period. The proposals also include introducing provisions for the resignation and removal of committee members.
With these developments, IRDAI aims to streamline the advisory process and enhance the effectiveness of regulatory decision-making. The reconstitution of the committee reflects the regulator’s commitment to leveraging expertise from across the financial and insurance sectors.