Insurance IRDAI reconstitutes its insurance advisory committee (IAC)

IRDAI reconstitutes its insurance advisory committee (IAC)

The committee looks into matters relating to investor protection, industry development and simplification of the regulations.
Team Cafemutual Jun 7, 2017

IRDAI has re-constituted the Insurance Advisory Committee. The committee advises IRDAI on development, disclosures and regulatory aspects of the insurance industry.

The committee also looks into matters relating to regulation of insurance for ensuring investor protection and issues related to development of insurance industry.

Among its recent key recommendations was the increase in commission structure of insurance agents and insurance intermediaries.

In the reconstituted committee, the total number of members has been reduced to 24 from 25. 

IRDAI’s Insurance Advisory Committee was constituted last in 2000 under the Chairmanship of C Rangachary.

Here’s the list of members of the reconstituted Insurance Advisory Committee

1.         Chairman, Life Insurance Corporation of India

2.         Chairman-cum-Managing Director, National Insurance Co. Ltd.

3.         Chairman-cum-Managing Director, General Insurance Corporation of India

4.         MD & CEO, ICICI Prudential Life Insurance Co. Ltd.

5.         MD & CEO, Bajaj Allianz General Insurance Co. Ltd.

6.         Chairman-cum-Managing Director, Star Health & Allied Insurance Co. Ltd.

7.         Director, National Insurance Academy

8.         President, Institute of Actuaries of India

9.         President, Insurance Brokers’ Association of India

10.     President, Indian Institute of Insurance Surveyors & Loss Assessors

11.     Insurance Ombudsman, Guwahati

12.     Secretary General, Insurance Institute of India

13.     Secretary, General Insurance Council

14.     Secretary, Life Insurance Council

15.     Managing Director, Vidal Health TPA Private Ltd.

16.     Chairman, ASSOCHAM, National Council for Insurance

17.     Managing Director & CEO, Indian Bank

18.     Chief Executive Officer, CAMS Insurance Repository Services Ltd.

19.     Chief Executive Officer, XL Insurance Co. SE, Branch in India

20.    M. Rajyalakshmi Rao

21.   Goraknath Agarwal

22.   M. Kalyanasundaram

23.   M. Rajavardhan Reddy

24.   Adnan Mahmood

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