NEW DELHI: The Insurance Regulatory and Development Authority of India (IRDAI) has reconstituted its key advisory panel, the Insurance Advisory Committee, infusing it with a diverse mix of industry leaders, policy experts, and academics. The move is aimed at strengthening the regulatory framework and guiding long-term growth in India’s fast-evolving insurance sector.
In a notification issued on March 12, 2026, the regulator formally announced the reconstitution, which will be effective from the date of publication in the official gazette.
Why the Committee Matters
The Insurance Advisory Committee plays a crucial role as a sounding board for the regulator. Its primary functions include advising IRDAI on:
- Regulatory matters
- Sector development initiatives
- Key policy decisions
By bringing together voices from across industries, the committee helps shape rules, improve market practices, and steer the sector through new challenges and opportunities.
Representation from Across Sectors
The reconstituted panel includes key institutional representatives and ex-officio members from major industry bodies.
| Category | Representatives From |
|---|---|
| Industry Councils | Life Insurance Council, General Insurance Council |
| Professional Bodies | Institute of Actuaries of India, Insurance Brokers’ Association of India, Indian Institute of Insurance Surveyors and Loss Assessors |
| Academic/Research | National Insurance Academy (Director) |
New Members: Industry Leaders and Experts Join
Alongside institutional members, the committee now includes a wide range of professionals from business, policy, and research backgrounds.
Industry & Trade Bodies:
- Chandrajit Banerjee (Confederation of Indian Industry – CII)
- Jyoti Vij (Federation of Indian Chambers of Commerce and Industry – FICCI)
- Saurabh Sanyal (Associated Chambers of Commerce and Industry of India – ASSOCHAM)
- Ajay Sahai (Federation of Indian Export Organisations – FIEO)
Economic & Policy Experts:
- Ashok Gulati (Agricultural economist, ICRIER)
- Charan Singh (Economist)
- Indu Bhushan (Former CEO, National Health Authority)
- Partha Ray (National Institute of Bank Management)
Other Prominent Members:
- Monika Halan (Financial writer and expert)
- Padmaja Chunduru (Former MD, National Securities Depository Limited – NSDL)
- Sahil Barua (CEO, Delhivery)
- Suresh Goyal (National Council of Applied Economic Research – NCAER)
The inclusion of such diverse expertise signals the regulator’s intent to approach insurance sector challenges with a multi-dimensional perspective, incorporating insights from technology, finance, agriculture, and public health.
