Irdai adds more members from diverse sectors to its advisory committee

Mar 19, 2025

The regulator proposed that the IAC should allow the circulation of meeting notices and agendas to its members in less than seven days, subject to chairperson approval

The Insurance Regulatory and Development Authority of India (Irdai) has inducted more members from diverse sectors into its Insurance Advisory Committee (IAC) to fill vacancies in the advisory body. The committee advises Irdai on matters related to insurance regulations.

The new members include M R Kumar, former chairman, Life Insurance Corporation (LIC); Dinesh Kumar Khara, former chairman, State Bank of India (SBI); Vishakha Mulye, chief executive officer, Aditya Birla Capital; Nilesh Shah, managing director, Kotak Mahindra Asset Management Company; and Alice G Vaidyan, former chairman and managing director, GIC Re.

The IAC is a body established by Irdai, consisting of members representing various sectors, including commerce, industry, and consumer groups, with a maximum of 25 members, excluding the chairperson and members of Irdai, who serve as ex-officio members.

In November, Irdai recommended changes to how the Insurance Advisory Committee (IAC) advises it on regulatory matters. It proposed greater flexibility in the number of meetings conducted, rather than adhering to a fixed schedule, and a shift to using the financial year instead of the calendar year to determine the number of meetings.

The regulator proposed that the IAC should allow the circulation of meeting notices and agendas to its members in less than seven days, subject to chairperson approval. Other proposed changes include renaming the “designated officer” as the “secretary to the authority”, enabling the chairperson to decide the mode, place, and time of meetings, reducing the notice period to 24 hours for convening an emergency meeting, and adding provisions for the resignation and removal of IAC members.

[The Business Standard]