The IRDA (Investment) Regulations, 2000 were after its notification was subsequently modified partially in the year 2004. The KPN Committee on amendments to Insurance Act, 1938 have also recommended a re-look at the statutory provisions on the pattern of Investments prescribed for Insurers and have suggested amendments that would provide flexibility to the Authority in the manner of Regulation on Investments of Insurance Companies. With the expansion of the financial sector and introduction of new financial instruments requests for investment in such instruments and derivatives need to be examined for developing appropriate regulatory framework. IRDA has therefore decided to form a Working Group to examine the existing Investment Regulations and to review comprehensively the current statutory prescriptions and pattern of Investments for Insurance Companies and suggest changes considered necessary in the light of experience gained / developments in Financial Markets and the genuine constraints faced by Insurance Companies. Further, it will look into the structure of the prescribed Returns and suggest modifications as may be considered necessary. The Working Group would be chaired by Shri C R Muralidharan, Member and will comprise of the following as its members.
| S.NO. |
NAME |
DESIGNATION |
INSTITUTION |
| 1. |
Shri G Mahalingam |
Chief General Manager (IDMD) |
Reserve Bank of India |
| 2. |
Shri Subhoban Sarkar |
Executive Director (Investments) |
LIC of India |
| 3. |
Shri N S Kannan |
Executive Director |
ICICI Prudential Life Insurance Company |
| 4. |
Shri G Muralidhar |
Chief Financial Officer |
Kotak Mahindra Life Insurance Company |
| 5. |
Shri Anuj Mathur |
Head (Treasury) |
Aviva Life Insurance Company |
| 6. |
Shri N V Murali |
Manager |
United India Insurance Company |
| 7. |
Shri S S Gopalarathnam |
Chief Operating Officer |
Cholamandalam MS General Insurance Company |
| 8. |
Shri Viraj Londa |
Partner |
M P Chitale & Company
Chartered Accountants
|
Sd./-
(C R MURALIDHARAN)
Member