Suresh Mathur Committee: IRDS sets up panel to study FDI in insurance intermediaries & TPA
The insurance sector regulator, Insurance Regulatory and Development Authority (IRDA) set up a 10-member committee to study the options of allowing 100 % Foreign Direct Investment (FDI) in insurance intermediaries, Third-Party Administrators (TPA), surveyors and loss assessors.
The 10-member committee :
- Headed by: IRDA Senior Joint Director, Suresh Mathur and has officials from the regulator, insurance council, insurance companies as well as brokers and will submit its report in three months.
- Objective: To study whether there is a case for raising the FDI limit in insurance entities (other than insurance companies) and if yes, to what extent. To study the options of allowing 100 % Foreign Direct Investment (FDI) in insurance intermediaries, Third-Party Administrators (TPA), surveyors and loss assessors.
- Current Status: the FDI limit for these entities is 26 % in line with the limit stipulated for insurance companies.
The committee will also look at the implications of modifying the limit on the industry and the international practices.
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Month: Current Affairs - January, 2014