Insurers and the ministry will discuss ways to grow the industry and increase penetration.
P Chidambaram, the Finance Minister will meet officials from Life Insurance Corporation, top five private life insurance companies and officials from three public sector general insurance players on 1st September to discuss various ways to grow the industry, said a person aware about the meeting.
“We seek more clarity on taxation. It is an important agenda on the discussion table besides other issues like open architecture on bancassurance, simplifying and quickening of regulatory approvals for new products and pension products,” said a senior official from a top life insurance company.
Ministry
has asked for suggestions from the insurance players on various ways to to
create long-term insurance funds. Many believe the process should give equal
importance to customer protection.