OFFICEORDER

IRDAI/CHM/MISC/ORD/194/11/2018 29^th November, 2018

Sub: Constitution of ‘ApexCommittee’.

The Authority is currentlyin the process of implementing the following simultaneously in the Indianinsurance sector:

(i)           Indian Accounting Standards (in line withInternational Financial Reporting Standards);

(ii)  Risk Based Capital; and

(iii)        Risk Based Supervisory Framework.

2.    Inorder to ensure timely implementation of the above three activities, an ‘ApexCommittee’ is hereby constituted with the following members:

(i)           Chairman,IRDAI - Chairman

(ii)         Member(Actuary), IRDAI - Member

(iii)        Member(Life), IRDAI - Member

(iv)        Member(Non-Life), IRDAI - Member

(v)         Member(F&I), IRDAI - Member

(vi)        Member(Distribution), IRDAI - Member

(vii)       President,Institute of Chartered Accountants of India - Member

(viii)     President,Institute of Actuaries of India - Member

(ix)        Shri.A K Chowdhury, CGM, Reserve Bank of India - Member

Shri G.R.Surya Kumar, GM, IRDAIwill act as Convener to the Committee.

3.    TheTerms of Reference of the Apex Committee shall include:

i)          Providing necessary guidance and direction inimplementing the activities referred to in para 1 above in a time bound manner;

ii)         Any other relevant and incidental matters, asdeemed appropriate.

(Dr. Subhash C. Khuntia)

Chairman

To

1. All Members of the Committee

2. IT Department to place a copy of the Order on theIRDAI Website & Intranet