These panels would suggest changes that can be made in regulations and legislation which would be considered by Irdai and the Department of Financial Services.
To overhaul the insurance sector, the Insurance Regulatory and Development Authority of India (Irdai) has formed various committees through the General Insurance Council (GIC) to suggest reforms in several areas of general, reinsurance and life insurance such as regulation, product, distribution, among others.
These panels include heads of private and public sector insurance companies, members of Irdai and representatives from the GIC, said an official. GIC was formed by Irdai to act as a link between the insurance regulator and the non-life insurance industry, and has representation from the industry. About five committees each have been formed to suggest changes in the general insurance business, non-life insurance space, and two panels will look into the reinsurance segment.
These panels have
First Published: May 26 2022 | 01:14 AM IST