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

Banking & Finance

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).


      - 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.

     

     

Main Point :-   (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.


About IRDAI

Chairperson: Debasish Panda
Headquarters: Hyderabad
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