IRDAI Sets Up Panel to Review Insurance Act Amendments

The Insurance Regulatory and Development Authority of India (IRDAI) has formed a seven-member committee to examine proposed amendments to the Insurance Act. Led by former SBI Chairperson Dinesh Khara, the panel includes key representatives from various financial sectors. The committee is expected to submit its recommendations within 2-3 months, which will then be forwarded to the Department of Financial Services. This move signals another round of scrutiny for the bill, which has been under deliberation for the past two years. The proposed amendments include provisions for composite licenses, differential capital, and allowing insurers to distribute other financial products.

 

Source: CNBC-TV18, NDTV Profit