Irdai sets up committees through GIC to suggest industry overhaul

These panels have been formed to look into areas of regulation, products, distribution, finance, health, finance, taxation, ease of doing business, among others

To overhaul the insurance sector, the Insurance Regulatory and Development Authority of India (Irdai) has formed various committees through the General Insurance Council (GIC) to suggest reforms in several areas of general, reinsurance and life insurance such as regulation, product, distribution, among others.

These panels include heads of private and public sector insurance companies, members of Irdai and representatives from the GIC, said an official. GIC was formed by Irdai to act as a link between the insurance regulator and the non-life insurance industry, and has representation from the industry. About five committees each have been formed to suggest changes