The Insurance Regulatory and Development Authority (IRDA) yesterday appointed a 23-member advisory committee drawn from varied fields of economics, insurance industry, chambers of commerce, accountancy, academics and agriculture.
The move is in line with the powers granted to the insurance regulator under Section 25 of the IRDA Act to appoint an advisory committee with a maximum of 25 members. All rules and regulations will be placed before the advisory committee before they are finalised. The formation of the committee comes into effect from June 1, and it is slated to meet in the second week of June for the first time.
The members of the committee are: V S Vyas, economist; Pushpa Girimaji, consumer activist; A C Mukherjee, former chairman of the Solvency Committee of the government; T S Viswanath, former president of the Institute of Chartered Accountants of India; D N Buragohain, director, IIT Guwahati; C N S Sastri, ex-managing director of General Insurance Corporation (GIC); S V Mony, former chairman of GIC; chairman, Life Insurance Corporation; chairman, GIC; director, National Insurance Academy, Pune; director, IIM, Bangalore; S P Subedar, former managing director of LIC.
Other members include: Dipak Dutta, president, Bengal Chamber of Commerce; Ela Bhat, Sewa, Ahmedabad; T Ramanan, risk manager; Fali Poncha, insurance broker; Soumil Mehta, insurance surveyor; A P Tyagi, general secretary, National Federation of Insurance Field Workers of India; John M Koshy, insurance agent; D Varadarajan, Supreme Court advocate; director, Central Institute of Road Transport, Pune; vice-chancellor, Agricultural University, Ludhiana; Liaquat Khan, actuary.
The chairman of IRDA, N Rangachary and members of the authority will be the ex-officio chairperson and ex-officio members respectively of the Insurance Advisory Committee.