- The Insurance Regulatory and Development Authority of India (IRDA) established a committee in November 2023 to examine the current structure for bank insurance.
- J. Meena Kumari, the chairperson of this committee, will handle it.
This committee will also assess the effectiveness of complaints regarding forced or misrepresented policy sales. - Additionally, it will examine how well the current bancassurance model works and make recommendations for how to make it more effective.
- It will look at international best practices and provide recommendations for changes to be made to national regulations.
In two months, this committee will turn in its report. - The Malhotra Committee report’s recommendations led to the formation of the Insurance Regulatory and Development Authority (IRDA) in 1999, an independent organization tasked with regulating and growing the insurance sector.
