Last month, the Insurance Regulation and Development Authority of India’s (Irdai) chairman Debasish Panda said that the insurance industry needs to infuse ₹50,000 crore every couple of years to double insurance penetration in the country — a statement that clearly showed the ambition of the insurance regulator under his leadership.
And the past year has witnessed this ambition. Panda, who took over as the chairman of the Irdai on March 14, 2022, has brought in a slew of new initiatives as well as regulatory changes to increase insurance penetration. In fact, the zeal to increase penetration has been so high that Irdai even went to the extreme of giving ‘tentative growth targets’ to insurers — something that has never been done by any regulator in the past and unnerved the industry.
Some of the amendments to regulations that were carried out include quicker registration of insurance companies, increase in tie-up limits for intermediaries enabling policyholders to have wider choice and permission for private equity (PE) funds to directly invest in insurance companies and reduction in solvency norms for general and life insurers in certain cases.
Denne historien er fra March 14, 2023-utgaven av Financial Express Mumbai.
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Denne historien er fra March 14, 2023-utgaven av Financial Express Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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