Insurance industry regulator IRDAI chairman Debasish Panda asked more conglomerates to enter the insurance fray, pointing out that the Indian market offers handsome opportunities to grow.
He also said that the watchdog is "nudging" more players to go for listing on the capital markets to create more transparency and information, which will ultimately benefit shareholders and the sector as a whole.
Panda refrained from commenting directly on news reports of a cut in the Goods and Services Tax, calling the issue as the one outside his realm. However, he said that IRDAI would want to ensure that covers become more affordable, which will help deepen the reach, but was quick to add that cutting taxes is not the only way to do so.
Insurers Granted Extension Until FY27 to Implement New Accounting Standards
The IRDAI has asked both bank-sponsored and non-bank-sponsored insurance companies to implement IFRS 17 regulations by FY27, a move that will give these companies sufficient time for implementation.
Previously, IRDAI had set a timeline of FY25 for the implementation of IFRS 17 in the insurance sector. IFRS 17 or International Financial Reporting Standard 17 is an accounting standard that provides a framework for reporting insurance contracts. It states the classification of assets and liabilities of companies operating in the insurance sector and provides consistent principles for insurance contracts.
"We have received a communication from IRDAI and we believe some peers have also received communication, which talks about IRDAI's intent to roll it out from April 2027," said Niraj Shah, Executive Director (ED) & Chief Financial Officer (CFO), HDFC Life Insurance during the post-earnings analyst call.
This story is from the November 2024 edition of THE INSURANCE TIMES.
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This story is from the November 2024 edition of THE INSURANCE TIMES.
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"Bancassurance is at the heart of our growth strategy. It allows Bandhan Life to reach more customers and provide accessible, trusted insurance solutions through a familiar network."
About Indranil Dutta - Indranil Dutta brings 23 years of experience in insurance, banking, and sales, with a specialization in bancassurance. As the Chief Business Officer - Bancassurance at Bandhan Life Insurance, he leads the banca sales channel and plays a key role in driving the company's strategic vision of becoming a leading multi-channel life insurer with an expanded presence across product categories.
IRDAI Corner
The Eighth Bima Manthan, the quarterly meeting of IRDAI with the insurance industry was held on 11th and 12th November 2024, in Hyderabad
International Conference on Inclusive Insurance (ICII) 2024
The 20th edition of the International Conference on Inclusive Insurance (ICII) concluded on a high note in Kathmandu, Nepal, after five days of insightful discussions, interactive workshops, and collaborative networking. Hosted by the Nepal Insurers' Association in partnership with the Life Insurance Association Nepal, Nepal Micro Insurance Association, Nepal Insurance Authority, Munich Re Foundation, and the Microinsurance Network, the conference brought together around 500 participants from around the globe. The Insurance Times was the media partner in the event.
How to choose a Health Insurance Plan that fits your evolving needs
When you are single, you might focus on plans with basic coverage and low premiums. As you get married, look for family floater plans that cover your spouse. When you have children, ensure the plan covers pediatric care, vaccinations, and other child-specific healthcare needs.
My View on #20SIRC Conference
The participants include world top reinsurers, brokers, insurers, IT companies, Consultants, and Regulators. As a regulator from Nepal attending the (#20SIRC) was a unique thrilling experience that provided opportunities for learning, networking, and strategic development. Here's a detailed perspective that I had experienced during my visit to Singapore.
