It plans to approach IRDA to start credit rating in insurance sector
Credit Information Bureau (CIBIL) will soon extend its credit rating service to insurance companies, said an official of the company. According to industry official, IRDA has decided to have a separate (credit) bureau for insurance.
CIBIL officials propose to meet the regulator soon to discuss its credit rating methodology and process for the insurance industry. “We are currently in the initial stage of discussion. Once the regulator approves our process, we will approach insurance companies. Our service will help the insurers to decide their premium pricing,” said a senior official of CIBIL.
CIBIL has been offering its credit rating services to banks and other lenders such as NBFCs, Co-operative banks and is planning to extend its service to other sectors.