Insurance Regulatory and Development Authority of India has constituted a committee to review the existing bank insurance framework.

Category : Business and economics Published on: November 09 2023

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In November, 2023, the Insurance Regulatory and Development Authority of India (IRDA) has constituted a committee to review the existing bank insurance framework.
This committee is headed by J. Meena Kumari will do it.
This committee will also review the efficiency of complaints of mis-selling/forced selling of policies.
It will also study the effectiveness of the existing bancassurance model and recommend ways to improve efficiency.
It will explore best practices adopted internationally and suggest amendments to be implemented on domestic rules.
This committee will submit its report in 2 months.
Following the recommendations of the Malhotra Committee report, the Insurance Regulatory and Development Authority (IRDA) was formed in 1999 as an autonomous body to regulate and develop the insurance industry.
IRDA was incorporated as a statutory body in April, 2000.
Its headquarters is located in Hyderabad.