The Insurance Regulatory and Development Authority of India (IRDAI) has reconstituted its Insurance Advisory Committee by appointing five new members under Section 25 of the IRDA Act, 1999, and Regulation 3A of the Insurance Advisory Committee Regulations, 2000.

The newly appointed members include:

MR Kumar: Former Chairman of Life Insurance Corporation of India and current Non-Executive Chairman of Bank of India.

Dinesh Kumar Khara: Former Chairman of State Bank of India.

Visakha Mule: CEO of Aditya Birla Capital.

Nilesh Shah: MD of Kotak Mahindra Asset Management Company.

Kotak Ellis G Vaidyan: Former CMD of GIC Re and Independent Director on the boards of Air India and Tata AIA Life Insurance.

The Insurance Advisory Committee comprises members representing various sectors, including commerce, industry, and consumer groups. The appointments will take effect from the date of publication in the official gazette, according to the IRDAI release.