Ministry : Insurance Regulatory And Development Authority (Not Applicable)
Part III-Section 4
Subject : Extra Ordinary
Overview [Extraordinary Gazette: Insurance Advisory Committee Reconstitution]
This extraordinary issue of the Gazette of India notifies the reconstitution of the Insurance Advisory Committee (IAC) under the Insurance Regulatory and Development Authority of India (IRDAI), effective upon publication.
Key Points
- The reconstitution is issued under Section 25 of the IRDAI Act, 1999, and Regulation 3A of the Insurance Regulatory and Development Authority (Insurance Advisory Committee) Regulations, 2000.
- The notification specifies the precise membership of the reconstituted IAC, listing 18 members.
- Key appointments include the Chairpersons of the Life and General Insurance Councils, the President of the Institute of Actuaries of India, and industry leaders from export, chambers of commerce, and financial sectors.
- The committee is headed by Ajay Seth, Chairperson of IRDAI, signaling high-level governance oversight for the insurance advisory body.
Summary [IRDAI Reconstitutes Insurance Advisory Committee]
The Gazette notice formally announces the updated membership of the Insurance Advisory Committee, effective immediately. By appointing a diverse group of industry experts, regulators, and representatives from councils and associations, the notification aims to strengthen advisory functions within India’s insurance regulatory framework. This reconstitution is likely to influence policy framing, sectoral oversight, and stakeholder engagement for the insurance industry.
