Insurance Regulatory Development Authority of India (IRDAI) has set up a panel headed by Praveen Kutumbe, to identify domestically systematically important insurers (SIIs) and an augmented regulatory framework is logically established in this regard.
Praveen Kutumbe, Member- Finance and Investment, IRDAI, has been asked to submit the report in six months. IRDAI stated that the failure of SIIs has the potential to cause significant disruption to the essential services they provide to policyholders.
Source: The Press Reader
Static/Current Takeaways Important for NIACL AO Mains Exam-
- IRDAI Chairperson– Subhash Chandra Khuntia, Headquarters– Hyderabad.