IRDAI Appoints 5 New Members to Insurance Advisory Panel to Strengthen Industry Oversight
The appointments take effect upon publication in the official gazette, ensuring immediate impact on the insurance sector.
2 mins read
March 21, 2025
Aishwarya Kulkarni
IRDAI, exercising its authority under Section 25 of the IRDA Act, 1999, and Regulation 3A of the 2000 Advisory Committee Regulations, has appointed five new members to its Insurance Advisory Panel, aiming to improve regulatory oversight and strengthen industry governance for better policy implementation.
The new members include Mr. Kumar, former LIC chairman and current non-executive chairman of Bank of India; Vishakha Mule, CEO of Aditya Birla Capital; Nilesh Shah, MD of Kotak Mahindra AMC; Dinesh Kumar Khara, former Chairman of SBI, and Alice G Vaidyan, former GMC RE and current director of Tata AIA life.
Role of Insurance Advisory Committee or IAC
IRDAI’s decision to add five new members to its Insurance Advisory Committee is a positive step toward stronger industry governance. With experts from different sectors joining the panel, this move ensures more diverse insights and balanced decision-making. As India’s insurance market grows, fresh perspectives will help tackle emerging challenges, improve consumer protection, and drive better policies. A well-rounded advisory body means smarter regulations, benefiting both insurers and policyholders.
This change signals IRDAI’s commitment to a more transparent and progressive insurance sector.