The Insurance Regulatory and Development Authority has set up a nine-member committee comprising former and current Irda officials for the implementation of the Non-Legislative Recommendations made by the Financial Sector Legislative Reforms Commission. This was discussed by the Financial Stability Development Council and was decided that all financial sector regulators would examine the 14 NLRs of FSLRC and lay down a road map and timeline for the adoption of all feasible among the 14 NLRs.
Irda said that this committee would review the 14 non-legislative recommendations of FSLRC, examine the extant legislative and regulatory framework in compliance with the 14 NLR and also identify the gaps/possible improvements in the extant framework . They will also recommend/suggest the changes/modifications to the extant framework in compliance with the 14 NLR.
The Committee shall submit its report by the end of April 2014.
