IRDAI forms expert panel under Khara to review regulations

Mumbai: The Insurance Regulatory Development Authority of India (IRDAI) has constituted a seven-member committee, headed by former State Bank of India chairman Dinesh Khara, to reassess key aspects of its regulatory framework. The move comes as the government prepares to introduce an Insurance Amendment Bill in Parliament, which proposes an increase in foreign direct investment (FDI) in the insurance sector to 100%.

The committee, comprising top industry experts, is tasked with reviewing various facets of the existing regulatory framework and recommending necessary changes. Besides Khara, the panel features NS Kannan, ex-CEO of ICICI Prudential Life Insurance; Sourav Sinha, former executive director of the Reserve Bank of India; Girish Radhakrishnan, ex-chairman and managing director of United India Insurance Company; Alok Mishra, MD and CEO of MFin; Rakesh Joshi, a former whole-time member of the IRDAI; and legal expert L Vishwanathan.

The committee is expected to submit its report within three months. Based on its recommendations, the IRDAI will forward proposals to the finance ministry, while the Department of Financial Services will draft a new bill for stakeholder feedback.


The initiative comes at a time when the insurance industry is seeing crucial changes including composite licences for insurers.

As the government gears up to introduce the Insurance Amendment Bill, the recommendations of the Khara committee will be closely watched.