IRDAI Appoints 5 New members to Enhance Insurance Advisory Panel

Current Context: The Insurance Regulatory and Development Authority of India (IRDAI) recently reconstituted its Insurance Advisory Committee (IAC) by appointing five new members to enhance its advisory capabilities.

• This move was announced on March 20, 2025, and aims to bring diverse expertise to the panel, which advises the IRDAI on regulatory matters concerning the insurance industry in India.

The newly appointed members are:

• MR Kumar - Former Chairman of the Life Insurance Corporation of India (LIC).
• Dinesh Kumar Khara - Former Chairman of the State Bank of India (SBI).
• Vishakha Mulye - CEO of Aditya Birla Capital.
• Nilesh Shah - Managing Director of Kotak Mahindra Asset Management Company.
• Alice Geevarghese Vaidyan - Former Chairman and Managing Director of General Insurance Corporation of India (GIC Re).

Question:

Q.1 Who among the following newly appointed members of the IAC is a former Chairman of the Life Insurance Corporation of India (LIC)?
a) MR Kumar
b) Vishakha Mulye
c) Nilesh Shah
d) Alice Geevarghese Vaidyan

Answer: a) MR Kumar served as the Chairman of the Life Insurance Corporation of India (LIC) before being appointed as a member of the IAC under IRDAI in March 2025.