IRDAI Reconstitutes Insurance Advisory Committee

The Insurance Regulatory and Development Authority of India (IRDAI) has reconstituted its Insurance Advisory Committee (IAC) by appointing 18 new members representing key segments of the insurance and financial ecosystem.

1. Composition of the Reconstituted Committee

The newly constituted IAC includes representatives from:

• Life Insurance Council – Chairman of the Executive Committee
• National Insurance Academy – Director
• Institute of Actuaries of India – President
• Insurance Brokers’ Association of India – Industry representative
• Indian Institute of Insurance Surveyors & Loss Assessors – Industry representative
• Confederation of Indian Industry (CII) – Representation through Shri Chandrajit Banerjee, Director General

2. Role of the Insurance Advisory Committee

The IAC plays a key advisory role by:

• Providing recommendations on policy matters related to insurance regulation
• Assisting IRDAI in framing regulatory frameworks and industry standards
• Offering industry insights and stakeholder perspectives

3. Objective of the Reconstitution

The reconstitution aims to:

• Strengthen institutional representation across the insurance ecosystem
• Incorporate diverse expertise from academia, industry, and professional bodies
• Enhance policy formulation and regulatory effectiveness

This move reflects IRDAI’s effort to ensure that its advisory mechanism remains broad-based, representative, and aligned with evolving industry dynamics.