Insurance Regulatory and Development Authority of India (Irdai) has formed various committees through the General Insurance Council (GIC) to suggest reforms in several areas of general, reinsurance and life insurance such as regulation, product, distribution, among others.
According to a GIC spokesman, these panels include leaders of private and public sector insurance companies, members of Irdai, and representatives from the GIC. Irdai established GIC to serve as a liaison between the insurance regulator and the non-life insurance business.
The Insurance Regulatory and Development Authority of India (IRDAI) is a regulatory agency that is responsible for regulating and licencing the insurance and reinsurance businesses in India. It is under the Ministry of Finance’s jurisdiction. It was established by the Insurance Regulatory and Development Authority Act, 1999, which was passed by the Indian Parliament. The agency’s headquarters have been in Hyderabad, Telangana, since 2001, when it relocated from Delhi.