Irdai sets up panel led by ex-SBI chairman Khara to implement amendments to insurance law
Irdai) has set up a seven-member committee headed by former chairman of State Bank of India (SBI) Dinesh Khara to examine proposed amendments to the Insurance Act, 1938 and suggest a framework for its implementation. The government has proposed amendment to insurance law to increase foreign direct investment to 100 per cent and other changes.
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Finance Minister Nirmala Sitharaman had announced in her Budget on February 1 that the FDI limit for the insurance sector would be raised from 74 to 100 per cent.
«This enhanced limit will be available for those companies which invest the entire premium in India. The current guardrails and conditionalities associated with foreign investment will be reviewed and simplified,» she had said.
The panel headed by Khara held its first meeting earlier this week, according to sources.
The other members of the seven-member committee are N S Kannan, former MD and CEO of ICICI Prudential Life Insurance, Girish Radhakrishnan, former CMD of United India Insurance, Rakesh Joshi, former member of Irdai, Saurabh Sinha, former executive director of RBI, Alok Misra, MD and CEO of MFIN, and L Vishwanathan, a legal expert.
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