India's insurance regulator has appointed five new members to its Insurance Advisory Committee (IAC), bringing in leaders from banking, asset management, and insurance to shape future regulations.

The new members include MR Kumar, former LIC chairman and current non-executive chairman of Bank of India; Dinesh Kumar Khara, former chairman of SBI, Vishakha Mule, CEO of Aditya Birla Capital; Nilesh Shah, MD of Kotak Mahindra AMC; and Alice G Vaidyan, former CMD of GIC Re and independent director at Air India and Tata AIA Life.

The IAC, which advises the Insurance Regulatory and Development Authority of India (IRDAI) on policy and regulatory matters, will submit its report within three months. The recommendations will be forwarded to the finance ministry, with the department of financial services (DFS) expected to draft a new Bill for stakeholder consultation. The new draft bill talks about the FDI increase to 100% and composite license.

The appointments come at a time of major regulatory shifts, including discussions on a composite licence framework that could allow insurers to offer multiple types of policies under a single licence.