Pravin Kutumbe head of IRDAI committee to identify Systemically Important Insurers (SII)

Insurance regulator IRDAI has constituted a committee that will not only facilitate in identifying the Systemically Important Insurers (SIIs), but also recommend enhanced supervision measures for them. The committee headed by IRDAI member (finance and investment) Pravin Kutumbe will submit its report within six months. The committee would study the methodology followed by International Association of Insurance Supervisors (IAIS) for identification of SIIs and those followed by other financial regulators, particularly by RBI for identification of SIFIs. As per the terms of reference, the panel has also to develop a paper on assessment methodology for SIIs in India and recommend enhanced supervision for them.