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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