TestCloud
Prep • Practice • Perform
Log In

IRDAI Appoints Five New Members to Strengthen Insurance Advisory Panel.

Banking & Finance | Dated: 24 Mar 2025

In March 2025, the Insurance Regulatory and Development Authority of India (IRDAI), based in Hyderabad, appointed five new experts to strengthen the regulatory decisions and framework of the insurance sector through the Insurance Advisory Committee (IAC).

🎯 Key Highlights:

  • - The new members appointed to the IAC include Shri M. R. Kumar, former Chairman of Life Insurance Corporation (LIC); Shri Dinesh Kumar Khara, former Chairman of State Bank of India (SBI); Ms. Vishakha Mulye, CEO of Aditya Birla Capital Limited; Shri Nilesh Shah, Managing Director of Kotak Mahindra Asset Management Company Limited; and Ms. Alice Geevarghese Vaidyan, former Chairman and Managing Director of General Insurance Corporation Re (GIC Re).
  • - Notably, Shri Dinesh Kumar Khara is leading a high-level committee formed by IRDAI to review proposed amendments to the Insurance Act, 1938.
  • - The IAC plays a crucial role in advising IRDAI on regulatory matters concerning the insurance industry.

💡 Other Important Facts:

  • (i) The committee comprises members from various sectors, including commerce, industry, and consumer groups.
  • (ii) The IAC can have a maximum of 25 members, excluding IRDAI's chairperson and other ex-officio members.
  • (iii) As part of ongoing reforms, the IAC will submit its report within three months for review by the Department of Financial Services (DFS), which may include proposals for composite licenses for insurers and an increase in the foreign direct investment (FDI) limit to 100%. The IAC was established in 2000 under the Insurance Regulatory and Development Authority Act, 1999.

📚 Test Your Knowledge:

Which organization recently appointed five new members to strengthen its Insurance Advisory Panel (IAC)?

Correct Answer: IRDAI

🚀 Quick Recap:

About Insurance Regulatory and Development Authority of India (IRDAI)

  • Chairman Debasish Panda
  • Headquarters Hyderabad, Telangana