IRDA forms panel to review recommendations of FSLRC

India Infoline News Service | Mumbai |

The committee will also examine the extant legislative and regulatory framework in compliance 14 non-legislative recommendations

The Insurance Regulatory and Development Authority (IRDA) on Friday has formed a nine-member committee to review the 14 non-legislative recommendations made by the Financial Sector Legislative Refo rms Commission (FSLRC).
The committee will also examine the extant legislative and regulatory framework in compliance 14 non-legislative recommendations (NLRs), IRDA said in an order.
The non-legislative recommendations are related with consumer protection, transparency and capacity building, among others. The IRDA said the committee will submit its report by end of April 2014.
The committee members include CR Muralidharan, G Prabhakara and Mathew Varghese, all ex-Members, IRDA and MS Sahoo, ex-Member, SEBI. The committee will identify the gaps and possible improvements in the extant framework vis-a-vis the 14 NLR.
The finance ministry recently asked regulators to voluntarily implement the non-legislative recommendations of FSLRC, while issuing a 'guidance handbook' on this matter.


 

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