Name the committee formed by the Insurance Regulatory and Development Authority of India (IRDAI) to review the Insurance Act, 1938:
Show Hint
- Arvind Subramanian Committee
- Chakravarty Committee
- T. S. Vijayan Committee
- Dinesh Khara Committee
The Correct Option is C
Solution and Explanation
Step 1: Understand the purpose of the committee. IRDAI constituted a committee to review the Insurance Act and recommend reforms aimed at:
• Improving efficiency.
• Enhancing regulatory flexibility.
• Promoting insurance penetration.
• Simplifying compliance requirements.
Step 2: Identify the committee chairperson. The review committee was headed by T. S. Vijayan, a distinguished insurance regulator and former Chairman of IRDAI. Therefore, the committee came to be known as the
T. S. Vijayan Committee.
Step 3: Eliminate other options.
• Arvind Subramanian is associated with economic reforms and GST-related recommendations.
• Chakravarty Committee dealt primarily with monetary policy and banking matters.
• Dinesh Khara is associated with banking leadership rather than insurance law review.
Hence these options are incorrect.
Conclusion: The committee formed by IRDAI to review the Insurance Act, 1938 was the
T. S. Vijayan Committee.
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