In exercise of the powers conferred by sub section 1 of Section 25 of the Insurance Regulatory and Development Authority Act

## Report on Insurance Regulatory and Development Authority of India (IRDAI) Notification Regarding Insurance Advisory Committee Membership **1. Executive Summary:** This report analyzes a notification issued by the Insurance Regulatory and Development Authority of India (IRDAI) regarding changes to the membership of the Insurance Advisory Committee (IAC). The notification, dated May 4, 2022, announces the appointment of two new members: Mr. Prakash Kumar and Mr. Venkat Changavalli. This constitutes an amendment to the composition of the IAC. Key findings include the replacement of the Insurance Ombudsman, Guwahati, and the inclusion of individuals with expertise in GST and management consulting. **2. Introduction:** The purpose of this report is to provide an informative analysis of the IRDAI notification concerning the composition of the Insurance Advisory Committee (IAC), based solely on the text provided. The report outlines the changes implemented and their likely impact. **3. Policy Overview:** * **Amendment:** This notification constitutes an amendment to the existing structure of the Insurance Advisory Committee (IAC). The original policy being amended is referenced by implication, referring to Notification F. No. IRDAIIAC71792021 dated 5th August, 2021. * **Core Objective(s):** As inferred from the text, the core objective of the original policy and this amendment is to ensure the Insurance Advisory Committee is appropriately constituted with relevant expertise to advise the IRDAI. **4. Background and Rationale:** This notification amends the composition of the Insurance Advisory Committee by replacing one member and adding another. The likely reason for this specific amendment is to refresh the committee's expertise and potentially bring in new perspectives. The replacement of the Insurance Ombudsman, Guwahati, with a Management Consultant, suggests a desire for a broader range of consultative experience. The inclusion of a former CEO of the GST Network indicates the potential need for expertise in areas like taxation or technology within the insurance sector. **5. Key Provisions / Changes:** This notification introduces the following key changes to the composition of the Insurance Advisory Committee: * **Specific Part of Original Policy Changed:** The composition of the Insurance Advisory Committee as established by previous notifications (particularly F. No. IRDAIIAC71792021 dated 5th August, 2021) is being changed. * **New Rule/Provision:** * Mr. Prakash Kumar, former Chief Executive Officer, GST Network, is appointed as Member of the Insurance Advisory Committee from the date of notification. * Mr. Venkat Changavalli, Management Consultant, is appointed as Member of the Insurance Advisory Committee from the date of notification in place of Insurance Ombudsman, Guwahati. * **Difference/Effect of Change:** The effect of this change is to alter the expertise represented on the IAC. The Insurance Ombudsman, Guwahati, is replaced by a Management Consultant, and a former CEO of the GST Network is added as a new member. This suggests a potential shift in the focus or priorities of the committee. **6. Target Audience and Stakeholders:** The primary target audience and stakeholders directly affected by this amendment are: * The Insurance Regulatory and Development Authority of India (IRDAI) itself. * Members of the Insurance Advisory Committee (IAC), both current and new appointees. * The Insurance Ombudsman, Guwahati, who is being replaced. * The Insurance industry as a whole, as the composition of the IAC influences its advisory capacity to the regulator. **7. Implementation Aspects (Inferred):** * **Responsible Agency/Bodies:** The Insurance Regulatory and Development Authority of India (IRDAI) is the responsible body. * **Timelines or Procedures:** The appointments are effective "from the date of notification." No other timelines or procedures are specified in the provided text. * **Specific Implementation aspects related to changes:** The IRDAI will need to formally induct the new members and ensure they are briefed on the committee's objectives and ongoing activities. **8. Expected Outcomes / Impact of Changes:** The likely intended outcome of these changes is to broaden the expertise and perspectives within the Insurance Advisory Committee. The appointment of a former CEO of the GST Network and a Management Consultant may bring valuable insights related to taxation, technology, and organizational strategy to the committee's deliberations. This could lead to more informed and effective advice provided to the IRDAI, ultimately influencing insurance regulations and development in India. **9. Conclusion:** The IRDAI notification regarding the membership of the Insurance Advisory Committee signifies an effort to refresh the committee's composition with diverse expertise. The inclusion of individuals with backgrounds in GST and management consulting suggests a forward-looking approach to insurance regulation. While the provided text is limited in scope, it highlights the IRDAI's proactive role in shaping the advisory landscape and potentially influencing the future direction of the insurance industry.

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