{"id":30776,"date":"2025-02-21T07:30:12","date_gmt":"2025-02-21T02:00:12","guid":{"rendered":"https:\/\/vajiramandravi.com\/current-affairs\/?p=30776"},"modified":"2025-04-15T23:13:54","modified_gmt":"2025-04-15T17:43:54","slug":"dinesh-khara-committee","status":"publish","type":"post","link":"https:\/\/vajiramandravi.com\/current-affairs\/dinesh-khara-committee\/","title":{"rendered":"Dinesh Khara Committee"},"content":{"rendered":"<h2>Dinesh Khara Committee Latest News<\/h2>\n<p>The Insurance Regulatory and Development Authority of India (IRDAI) recently set up a seven-member committee headed by former chairman of SBI Dinesh Khara to examine proposed amendments to the Insurance Act, 1938, and suggest a framework for its implementation.\u00a0<\/p>\n<h2>About Dinesh Khara Committee<\/h2>\n<ul>\n<li>It is a high-powered <strong>seven-member committee set up by<\/strong> the <strong>Insurance Regulatory and Development Authority (IRDAI).\u00a0<\/strong><\/li>\n<li><strong>Purpose<\/strong>: To <strong>review proposed amendments to the Insurance Act of 1938<\/strong> and <strong>recommend<\/strong> a regulatory <strong>framework for their implementation.<\/strong><\/li>\n<li>The committee is formed as the Union government prepares to introduce the Insurance Amendment Bill to Parliament.\u00a0<\/li>\n<li>The <strong>proposed amendments include increasing<\/strong> the foreign direct investment <strong>(FDI) cap in the insurance sector <\/strong>from 74% <strong>to 100%<\/strong>, reducing paid-up capital requirements, introducing a composite licence system, and streamlining regulatory processes.<\/li>\n<li>The committee&#8217;s mandate is strictly limited to reviewing the proposed changes and determining their implementation through regulations and circulars, without suggesting additional amendments.<\/li>\n<\/ul>\n<h2>Key Facts about Insurance Act, 1938<\/h2>\n<ul>\n<li>It serves as the <strong>primary regulatory framework for<\/strong> the <strong>country\u2019s insurance industry <\/strong>and led to the <strong>establishment of IRDAI.\u00a0<\/strong><\/li>\n<li>The Act defines the scope of life, general, and health insurance in the country and regulates the role of insurance agents.<\/li>\n<li>It regulates the relationship between an insurer, its policyholders, shareholders, and the regulator &#8211; IRDAI.<\/li>\n<\/ul>\n<h2>Dinesh Khara Committee FAQs<\/h2>\n<p><strong>Q1<\/strong>. What is the Insurance Regulatory and Development Authority (IRDAI)?<\/p>\n<p><strong>Ans<\/strong>. IRDAI is an autonomous and statutory body which is responsible for managing and regulating insurance and reinsurance industry in India.<\/p>\n<p><strong>Q2<\/strong>. Which ministry is IRDAI under?<\/p>\n<p><strong>Ans<\/strong>. Ministry of Finance<\/p>\n<p><strong>Q3<\/strong>. Which is the largest insurance company in India?<\/p>\n<p><strong>Ans<\/strong>. The largest insurance company in India is Life Insurance Corporation of India (LIC).<\/p>\n<p><strong>Source<\/strong>: <a href=\"https:\/\/legal.economictimes.indiatimes.com\/amp\/news\/regulators\/irdai-sets-up-panel-led-by-ex-sbi-chairman-khara-to-implement-amendments-to-insurance-law\/118427099\" target=\"_blank\" rel=\"nofollow noopener\">ET<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dinesh Khara Committee is a high-powered seven-member committee set up by the Insurance Regulatory and Development Authority (IRDAI). <\/p>\n","protected":false},"author":5,"featured_media":30777,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-30776","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-upsc-prelims-current-affairs","8":"no-featured-image-padding"},"acf":[],"_links":{"self":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/30776","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/comments?post=30776"}],"version-history":[{"count":0,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/posts\/30776\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media\/30777"}],"wp:attachment":[{"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/media?parent=30776"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/categories?post=30776"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vajiramandravi.com\/current-affairs\/wp-json\/wp\/v2\/tags?post=30776"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}