The regulator and the ministry are planning a slew of measures for the growth of the insurance industry.
J Hari Narayan met P Chidambaram today and discussed various steps to be taken for growing the insurance industry, said a source familiar with the development. IRDA chairman discussed issues like product improvement, insurance business model and ways to draw investments in infrastructure sector.
But after the meeting, a senior official from the ministry reportedly highlighted the fact that the final call on reforms will be taken by IRDA.
Hari Narayan will again meet the ministry within next
three months to discuss taxation issues pertaining to insurance products. The
regulator along with the ministry is trying to frame new guideline to develop a
long term sustainable business model.