IRDAI set up a panel headed by Thomas M Devasia to develop rural insurance

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Insurance sector regulator, Insurance Regulatory and Development Authority of India (IRDAI) has set up a 24-member committee to develop and suggest an affordable and comprehensive cover for the rural population.

The panel will be headed by Thomas M Devasia who is a member of the IRDAI.

The committee will recommend a regulatory framework for proposed cover which will be a benefit based// parametric structure, called Bima Vistaar.

The insurance regulator has also asked the committee to develop and suggest constitution and operation of a preferably, women centric distribution channel called Bima Vahak to focus on reaching untapped/ rural areas and recommend the regulatory framework.

Insurance Regulatory and Development Authority (IRDAI)

It is the regulator of the Insurance sector in India. It was set up in 1999. It was made a statutory body in April 2000 under the Insurance Regulatory and Development Authority act 1999.

IRDAI was set up on the recommendation of the RN Malhotra committee on Insurance reform. The Malhotra committee was set up in 1993.

Headquarters: Hyderabad 

Chairperson: Debasish Panda