Q. What is the name of the committee formed by Insurance Regulatory and Development Authority of India (IRDAI) to review the Insurance Act, 1938?
Answer: Dinesh Khara Committee
Notes: The Insurance Regulatory and Development Authority of India (IRDAI) has set up a high-powered Dinesh Khara Committee, led by former SBI chairman Dinesh Khara, to review and update the Insurance Act, 1938. The committee will assess the feasibility of 100% FDI in the insurance sector and propose the introduction of composite insurance companies offering life, non-life, and health insurance under one entity. It also aims to enhance policyholder protections and ensure revenue retention within India. The committee’s recommendations will be submitted to the Union Finance Ministry for legislative amendments to align the sector with modern needs.

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