Rapid Fire
Dinesh Khara Committee
- 22 Feb 2025
- 1 min read
The Insurance Regulatory and Development Authority of India (IRDAI) has formed a 7 member committee, chaired by Dinesh Khara to review the Insurance Act, 1938.
- It aligns with the proposed Insurance Amendment Bill, which seeks to increase the FDI limit from 74% to 100%.
- Currently, Insurance Act, 1938 provides a broad legal framework to regulate the insurance sector.
- Key reforms under consideration:
- Composite licence (life, health, and general insurance), Captive licence,
- Differential capital (Adjusting capital needs based on risk profiles),
- Reduction in solvency norms, Change in investment regulations
- One-time registration for intermediaries etc.
- IRDAI is the statutory body established under the IRDA Act, 1999 and is responsible for regulating and promoting the insurance industry in India.
Read More: Insurance Sector in India
