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‘Vision 2047’ commitment is to fulfill objective of insurance for all: Irdai

Irdai plans to make the regulations lighter and reduce the compliance burden on the insurers, according to insurance body.Premium
Irdai plans to make the regulations lighter and reduce the compliance burden on the insurers, according to insurance body.

  • IRDAI is continuously engaging with the stakeholders of the insurance industry in order to set out a reforms agenda for increasing insurance penetration and facilitating sustainable growth of the industry, the industry body said.

The Insurance Regulatory and Development Authority of India (Irdai) is working on reforms that will lead to the objective of “insurance for all" by 2047, a vision plan to increase insurance penetration and facilitating sustainable growth of the industry.

“IRDAI is continuously engaging with the stakeholders of the insurance industry in order to set out a reforms agenda for increasing insurance penetration and facilitating sustainable growth of the industry," the industry body said.

These reforms, among others, include promoting ease of doing business by encouraging new insurance players, allowing niche players in insurance, relaxing renewal norms for intermediaries, product certification by insurers, time-bound approvals, administrative flexibility, fast-track approvals for investment proposals, facilitating InsurTech and distribution agility. Irdai also has plans to make the regulations lighter and reduce the compliance burden on the insurers, according to insurance body.

Additionally, the need for risk based capital and solvency, convergence to Ind-AS, rationalizing expenses of management, developing talent pool, updating investment norms and sustainable growth of industry were also deliberated. Revamping of the grievance redressal mechanisms is also on the insurance regulator's agenda.

To address the insurance protection gap, the importance of engagement of all the stakeholders was highlighted in a meeting between Irdai and non-life and life insurance firms. It was also proposed to revamp the role and functioning of the life insurance and general insurance councils, to make them more vibrant bodies. Role of Insurance Information Bureau of India (IIB) in supporting data and tech-driven insurance solutions was also discussed, according to Irdai.

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