Question

Which committee suggested insurance sector reforms?

Answer 1

In 2004, the Law Commission recommended a comprehensive reform of the Insurance Act, 1938 (the “Insurance Act”). In 2005, the Narasimhan Committee made further recommendations for changes to the Insurance Act. The Bill, which amends the Insurance Act, 1938, the General Insurance Business (Nationalisation) Act, 1972 and the Insurance Regulatory and Development Authority ("IRDA") Act, 1999 and incorporates the recommendations of the Law Commission and the Narasimhan Committee has been up for consideration by the parliament since 2008.