IRDAI Forms Seven-Member Expert Panel Under Dinesh Khara To Evaluate Insurance Regulations

The Insurance Regulatory and Development Authority of India (IRDAI) has set up a seven-member committee, led by former State Bank of India (SBI) Chairman Dinesh Khara, to review its regulatory framework.

The panel includes N.S. Kannan, Sourav Sinha, Girish Radhakrishnan, Alok Mishra, Rakesh Joshi, and L. Vishwanathan. It will examine existing regulations and suggest changes. The committee’s recommendations will be submitted within three months, after which IRDAI will send proposals to the finance ministry. The Department of Financial Services will draft a bill for stakeholder feedback. The review aligns with the proposed Insurance Amendment Bill, which seeks to increase foreign direct investment in the sector to 100% and introduce composite licenses for insurers. The panel will also assess regulatory compliance challenges faced by insurers.