News

IRDAI Forms Committee Led by Former SBI Chairman Dinesh Khara to Review Insurance Law Amendments.

Banking & Finance | Dated: 22 Feb 2025

On February 20, 2025, the Insurance Regulatory and Development Authority of India (IRDAI), based in Hyderabad (Telangana), established a 7-member committee to review and implement changes to the Insurance Act of 1938. The committee will be headed by Dinesh Kumar Khara, the former Chairman of the State Bank of India (SBI) in Mumbai (Maharashtra).

🎯 Key Highlights:

- These changes are in line with the government’s goal of achieving “Insurance for All by 2047,” aimed at improving the insurance sector and expanding its reach.

💡 Other Important Facts:

(i) The committee, led by Dinesh Kumar Khara, is tasked with reviewing the proposed amendments and suggesting a framework for their implementation. The report is expected to be submitted within 3 months.
(ii) Based on the committee’s recommendations, the IRDAI will forward proposals to the Ministry of Finance (MoF), and the Department of Financial Services (DFS), MoF will draft a new bill for stakeholder feedback.

📚 Test Your Knowledge:

Who has been appointed to lead the committee formed by IRDAI to review the insurance law amendments?

Correct Answer: Dinesh Khara

🚀 Quick Recap:

About IRDAI

Chairperson: Debasish Panda
Headquarters: Hyderabad