The Insurance Regulatory and Development Authority of India has formed a committee to review insurance reforms under former SBI Chairman Dinesh Khara, according to people in the know.
The committee, which has already held its first meeting, will recommend amendments to the Insurance Act. It is expected to submit its report in three months, people quoted above told NDTV Profit.
The insurance regulator will review these recommendations and submit a list of formal amendments to the finance ministry.
The government was scheduled to introduce the bill seeking amendments to the Insurance Act, 1938, during the ongoing Budget session. Some of the provisions which are a part of the amendment bill, include composite license, differential capital, reduction in solvency norms, issuing captive license, change in investment regulations, one-time registration for intermediaries and allowing insurers to distribute other financial products. The government has also increased the FDI limit for the insurance sector to 100% in the union budget earlier this month.
The last such committee to suggest amendments was in 2022.
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