law: Insurance Regulatory and Development Authority Act, 1999
  25. Establishment of Insurance Advisory Committee
  (1) The Authority may, by notification, establish with effect
  
  from such date as it may specify in such notification, a Committee to be known
  
  as the Insurance Advisory Committee.
  (2) The Insurance Advisory Committee shall consist of not more
  
  than twenty-five members excluding ex officio members to represent the
  
  interests of commerce, industry, transport, agriculture, consumer  fora , surveyors, agents, intermediaries, organizations
  
  engaged in safety and loss prevention, research bodies and employees'
  
  association in the insurance sector.
  (3) The Chairperson and the members of the Authority shall be
  
  the ex officio Chairperson and ex officio members of the Insurance Advisory
  
  Committee.
  (4) The objects of the Insurance Advisory Committee shall be to
  
  advise the Authority on matters relating to the making of the regulations under
  
  section 26.
  (5) Without prejudice to the provisions of sub-section (4), the
  
  Insurance Advisory Committee may advise the Authority on such other matters as
  
  may be prescribed.