“The committee was formed earlier this month and has been given six to eight weeks for a comprehensive review of the 70 or so regulations governing the industry to ensure principal bases regulations,” said a person aware of the details. “The ultimate aim is to ensure ease of doing business for all stakeholders in the industry.”
Among the 18 members of the committee are
Life Insurance CEO NS Kannan, Tata AIA Life Insurance CEO Naveen Tahilyani, Bajaj Allianz General Insurance CEO Tapan Singhel, General Insurance Co CEO Bhargav Dasgupta, and Aditya Birla Health Insurance Co CEO Mayank Bathwal. It also includes a convenor who is from the IRDAI as its 19th member. ET could not verify the names of all the members.
“The committee’s remit is streamlining regulations to weed out duplicates and simplify rules. Besides CEOs, it also includes chief risk officers, compliance officers and actuaries of insurance companies, who will bring different perspectives,” one of the people cited earlier said. The person was pointing to the draft notification in August which set a 20% commission cap for general insurance companies, down from the 30-35% earlier, and allowed life insurers whose expenses are under 70% of the allowable limit to set their own commission rates across product segments.
The committee also includes representatives from intermediaries, like brokers and third-party administrators; officials from the IRDAI; and some large government insurance companies like
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