Irda panel on broker licence review

The Insurance Regulatory and Development Authority (Irda) has constituted an expert committee to review the regulations governing the licensing of brokers.

The committee will also give recommendations on strengthening strengthen brokers' role, according to a notice from Irda.

The notice assumes importance in the context of detariffing of non-life insurance being proposed by the regulator.

C S Rao, chairman, Irda, said, "Brokers will have a major role to play in the detariffed regime, thus requiring the review." The committee may also look at issues such as brokers' commission, he added.

The committee comprises G K Raman, chairman of Royal Sundaram Alliance Insurance, G V Rao, former chairman and managing director of Oriental Insurance Co, B Chakrabarti, chairman and managing director of New India Assurance, Shrirang V Samant, managing director of HDFC Chubb General Insurance and M Ramadoss, chairman and managing director of Oriental Insurance Co. M M Siddiqui, consultant and special officer, Irda, will function as the convenor of the committee.

The committee has sought the views of various stakeholders in this regard. A meeting will be held in Kolkata on August 28, followed by similar meetings in other metros.