Ex-SBI Chairman Khara to Head Panel to Implement Amendment to Insurance Law

The Insurance Regulatory and Development Authority of India (IRDAI) has constituted a seven-member committee, led by former State Bank of India (SBI) Chairman Dinesh Khara, to examine and implement the recommended changes to the Insurance Act of 1938. The panel will primarily look at the recommended changes, without suggesting new ones.

The suggested reforms are to increase the Foreign Direct Investment (FDI) cap in the insurance industry to 100%, lowering paid-up capital requirements, and allowing composite licenses. The committee comprises major names from the financial industry, including N Kannan, Saurabh Sinha, Girish Radhakrishnan, Alok Mishra, Rakesh Joshi, and L Vishwanathan. The committee will present its recommendations to IRDAI in the next two to three months. These recommendations will be then presented to the Department of Financial Services (DFS).

Source: Business Standard