Introduction: The Insurance Regulatory and Development Authority of India (IRDAI) has issued a notification regarding the reconstitution of the Insurance Advisory Committee. This committee plays a crucial role in advising and shaping insurance policies. The new members have been appointed, bringing diverse expertise to the committee.
Detailed Subheading-Wise Analysis:
1. Background: The reconstitution is carried out in accordance with the powers granted by sub-section (1) of Section 25 of the Insurance Regulatory and Development Authority Act, 1999, and Regulation 3A of the Insurance Advisory Committee Regulations, 2000.
2. Members of the Reconstituted Committee: The following members have been appointed to the reconstituted Insurance Advisory Committee:
- Chairman, State Bank of India
- Chairperson of Executive Committee of Life Insurance Council
- Chairperson of Executive Committee of General Insurance Council
- Director, National Insurance Academy
- President, Institute of Actuaries of India
- President, Insurance Brokers’ Association of India
- President, Indian Institute of Insurance Surveyors & Loss Assessors
- Shri Arijit Basu
- Shri L. Viswanathan
- K. Srinath Reddy
- Shri N.S. Kannan
- Ajit Ranade
- Shri Dhananjay N. Date
- Shri Shrimohan Yadav
- Padmaja Chunduru
- Hari Shankar Gaur
- Shri P.S. Jayakumar
- Shri Rajendra Beri
3. Significance of the Committee: The Insurance Advisory Committee plays a vital role in providing expert advice and insights to the IRDAI. With representatives from various sectors of the insurance industry, academia, and finance, the committee ensures a well-rounded perspective on policy formulation and regulatory matters.
4. Diverse Expertise: The appointed members bring a wide range of expertise, including banking, insurance, actuarial sciences, brokering, and academia. This diversity ensures that the committee can address complex issues and contribute to the growth and development of the insurance sector.
5. Impact on Policy-making: The committee’s reconstitution will likely have a significant impact on policy decisions related to the insurance industry. Their recommendations and insights will contribute to shaping regulatory frameworks that promote consumer protection, industry growth, and overall stability.
Conclusion: The reconstitution of the Insurance Advisory Committee by IRDAI marks a significant step in fostering collaboration between industry experts and regulators. The committee’s diverse composition and collective expertise will play a pivotal role in guiding the insurance sector towards sustainable growth and effective regulatory measures. As the committee becomes operational, its influence on policy formulation and industry development is anticipated to be substantial.
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INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
NOTIFICATION
Hyderabad, the 22nd August, 2023
RECONSTITUION OF INSURANCE ADVISORY COMMITTEE
No. IRDAI/IAC/6/194/2023 .—In exercise of the powers conferred by sub-section (1) of Section 25 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), and in terms of Regulation 3A of the Insurance Regulatory and Development Authority (Insurance Advisory Committee) Regulations, 2000, the Authority hereby makes the following notification reconstituting the Insurance Advisory Committee which will be effective from the date of publication in the official gazette.
The following are appointed as the members of the reconstituted Insurance Advisory Committee:
1. Chairman, State Bank of India
2. Chairperson of Executive Committee of Life Insurance Council
3. Chairperson of Executive Committee of General Insurance Council
4. Director, National Insurance Academy
5. President, Institute of Actuaries of India
6. President, Insurance Brokers’ Association of India
7. President, Indian Institute of Insurance Surveyors & Loss Assessors
8. Shri Arijit Basu
9. Shri L. Viswanathan
10. K. Srinath Reddy
11. Shri N.S. Kannan
12. Ajit Ranade
13. Shri Dhananjay N. Date
14. Shri Shrimohan Yadav
15. Padmaja Chunduru
16. Hari Shankar Gaur
17. Shri P.S. Jayakumar
18. Shri Rajendra Beri
DEBASISH PANDA, Chairperson
[ADVT.-III/4/Exty./370/2023-24]
(Republished with amendments)
