Former SBI & LIC chiefs among new members of Irdai's advisory panel

The regulator proposed that the IAC should allow the circulation of meeting notices and agendas to its members in less than seven days, subject to chairperson approval

The Insurance Regulatory and Development Authority of India (Irdai) has inducted more members to its advisory panel from diverse sectors, including former State Bank of India (SBI) chairman Dinesh Khara. IAC advises the regulator on matters related to insurance regulations.

 

The new members of Insurance Advisory Committee (IAC) include former Life Insurance Corporation (LIC) chairman MR Kumar, former SBI chairman Khara, Aditya Birla Capital CEO Vishakha Mulye, Kotak Mahindra Asset Management Company’s MD Nilesh Shah and former CMD of General Insurance Corporation Re (GIC) Alice G Vaidyan.

 

Khara is also heading the high-powered committee formed by the regulator to review proposed amendments to the Insurance Act, 1938.

 

 

The IAC, established by the Irdai, consists of members representing various sectors like commerce, industry, and consumer groups, with a maximum of 25 members, excluding chairperson and members of Irdai as ex-officio members. 

 

In November, Irdai had recommended some changes in how IAC advises it on regulatory matters. It had proposed some flexibility in the number of meetings it conducts, rather than a fixed schedule, and will use the financial year instead of the calendar year to determine the number of meetings.

 

The regulator had proposed that the IAC should allow circulation of meeting notices and agendas to its members in less than seven days, subject to chairperson’s approval.

 

Other proposed changes include renaming the “Designated Officer” as the “Secretary to the Authority,” enabling the chairperson to decide the mode, place, and time of meetings, reducing the notice period to 24 hours for convening an emergency meeting, and adding provisions for the resignation and removal of IAC members.