IRDAI appoints 5 new members to Insurance Advisory Committee

IRDAI appoints five new members

The Insurance Regulatory and Development Authority of India (IRDAI) has announced the appointment of five new members to the reconstituted Insurance Advisory Committee.

According to a release by the IRDAI, this move comes under the powers conferred by Section 25 of the Insurance Regulatory and Development Authority Act, 1999, and as per Regulation 3A of the Insurance Regulatory and Development Authority (Insurance Advisory Committee) Regulations, 2000.

The new members include MR Kumar, former chairman of Life Insurance Corporation of India and currently non-executive chairman of state-owned Bank of India; Dinesh Kumar Khara, former chairman of State Bank of India; Visakha Mule, CEO of Aditya Birla Capital; Nilesh Shah, MD of Kotak Mahindra Asset Management Company; Kotak Ellis G Vaidyan, former CMD, GIC Re and independent director on the boards of Air India and Tata AIA Life Insurance.

The Insurance Advisory Committee is a body set up by the insurance regulator, which has members representing various sectors such as commerce, industry and consumer groups.

The appointments will be effective from the date of publication in the official gazette, the release said.