Former SBI Chairman Dinesh Khara to Lead Review Panel
New Delhi: The Insurance Regulatory and Development Authority of India (IRDAI) has established a high-level committee to review key provisions of the Insurance Act, 1938. The committee, headed by former SBI chairman Dinesh Khara, includes top industry experts and is expected to submit its report within three months.
Based on the committee’s recommendations, IRDAI will propose changes to the Union Finance Ministry, after which the Department of Financial Services will release a new draft bill for stakeholder feedback.
Key Members of the Committee
The committee comprises:
- Dinesh Khara – Former SBI Chairman
- N Kannan – Former CEO, ICICI Prudential Life
- Saurabh Sinha – Former Executive Director, RBI
- Girish Radhakrishnan – Former CMD, UIIC
- Alok Mishra – MD & CEO, MFIN
- Rakesh Joshi – Former Whole-Time Member, IRDAI
- L Vishwanathan – Legal Expert
Possible Delays in Insurance Reforms
Industry sources suggest that the formation of this committee indicates that insurance sector reforms may take longer than expected. IRDAI appears to be taking a structured approach to facilitate legislative changes, aligning with reforms announced earlier by Finance Minister Nirmala Sitharaman.
100% FDI and Composite Insurance Companies in Focus
During the Union Budget announcement, Finance Minister Nirmala Sitharaman proposed amendments to the Insurance Act to allow 100% foreign direct investment (FDI) in the sector, while ensuring that insurance revenue remains within India.
At a post-budget press conference in Mumbai, Financial Services Secretary M Nagaraju highlighted that apart from 100% FDI, the government also plans to permit composite insurance companies—firms that can provide life, non-life, and health insurance under a single entity.
The industry now awaits further developments as the committee’s recommendations and proposed legislative changes take shape.
