New Delhi, Jan 29 (.) The Insurance Regulatory and Development Authority of India (IRDAI) has reconstituted the Reinsurance Advisory Committee (RAC) with immediate effect, as part of its continued efforts to strengthen India’s reinsurance framework and enhance regulatory oversight in the insurance sector, an official order said here on Thursday.
According to the order issued by IRDAI, former Chairman and Managing Director of Oriental Insurance Company Ltd., A.V. Girija Kumar, has been appointed as the Chairman of the Reinsurance Advisory Committee. The committee comprises senior industry professionals with extensive experience across insurance, reinsurance and regulatory domains.
The members of the reconstituted committee include Praveen Vashishta, former CEO and Managing Director of Howden Insurance Brokers India Pvt. Ltd.; Roopam Asthana, former CEO of Liberty General Insurance; and T.L. Alamelu, former Whole-Time Member of IRDAI. Their collective expertise is expected to provide strategic inputs to the regulator on emerging risks, market trends and structural reforms in the reinsurance space.
The reconstitution has been carried out under the provisions of Section 101B of the Insurance Act, 1938, and the committee will function for a tenure of three years.
The RAC plays a key advisory role in guiding the regulator on matters related to reinsurance policy, market development, risk management and capacity building within the domestic insurance ecosystem.
The order also specifies that the Deputy General Manager (Reinsurance) at IRDAI will function as the Secretary to the Reinsurance Advisory Committee, ensuring coordination between the regulator and the advisory body.
The reconstitution of the RAC comes at a time when India’s insurance and reinsurance markets are undergoing significant transformation, driven by rising insurance penetration, increasing catastrophe risks, evolving regulatory frameworks and greater participation of global reinsurers.
The advisory committee is expected to play a crucial role in supporting IRDAI’s objectives of promoting a robust, resilient and globally competitive reinsurance market in India. . SAS KK