IRDAI Appoints Five New Members to Insurance Advisory Committee

The Insurance Regulatory and Development Authority of India (IRDAI) has announced the appointment of five new members to the reconstituted Insurance Advisory Committee. These appointments are made under Section 25 of the IRDA Act, 1999, and Regulation 3A of the IRDA (Insurance Advisory Committee) Regulations, 2000. The new members bring extensive experience from the banking, insurance, and financial sectors. The appointments will be effective from the date of publication in the official gazette.

Key Highlights

• Regulatory Authority: IRDAI has reconstituted the Insurance Advisory Committee.
• Legal Basis: The appointments are made under Section 25 of the IRDA Act, 1999, and Regulation 3A of the IRDA (IAC) Regulations, 2000.

New Members Appointed

• MR Kumar – Former LIC Chairman, now Non-Executive Chairman of Bank of India.
• Dinesh Kumar Khara – Former Chairman of State Bank of India (SBI).
• Visakha Mule – CEO of Aditya Birla Capital.
• Nilesh Shah – MD of Kotak Mahindra Asset Management Company.
• Kotak Ellis G Vaidyan – Former CMD of GIC Re, currently Independent Director at Air India and Tata AIA Life Insurance.

Committee Role

• The Insurance Advisory Committee consists of members from different sectors, including commerce, industry, and consumer groups.
• Effective Date: The appointments will be effective from the date of their official gazette notification.