Irdai sets up 3 committees to review regulations in insurance

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Insurance Regulatory and Development Authority of India (Irdai) has constituted three committees for review of regulations in life insurance, general insurance and reinsurance including registration of foreign offices of reinsurers. After the Insurance Act has been passed, there has been a need to review and revise existing regulations in these areas.

The committees have to submit their report within one month to the Member-Actuary of Irdai. The life insurance committee will look into regulations in areas like assets, liabilities and solvency margin and appointed actuary. The general insurance committee will look at regulations in areas including claim reserving, reinsurance and appointed actuary. Reinsurance committee will look into issues relating to registration of branches of foreign reinsurers among others.