IRDAI sets up panel on governance at insurers

Mumbai: The country’s insurance regulator has set up a 16-member committee to find ways to improve corporate governance systems of insurers, primarily on making key functions such as risk management and internal audits independent of each other.

The Insurance Regulation and Development Authority (IRDAI) said on Thursday that a peer review of its current guidelines on corporate governance “indicated that there is need to further strengthen the guidelines”.

The committee will be headed by Pravin Kutumbe, member-finance and investment at IRDAI and has six other members from the insurance regulator besides members from the Reserve Bank of India and the Securities and Exchange Board of India along with other industry participants. It has been asked to submit the report to IRDAI in three months.