The Insurance Regulatory and Development Authority of India (Irdai) has formed a high-powered committee, led by Dinesh Khara, former chairman of State Bank of India, to scrutinise various aspects of the Insurance Act 1938 and suggest amendments. The Irdai move has come at a time when the Indian government is gearing up to introduce the Insurance Amendment Bill in Parliament, which proposes allowing 100 per cent foreign direct investment (FDI) in the insurancesector.
