Listen to this article
IRDAI will relax renewal norms for intermediaries like insurance agents and brokers.
This was discussed at a meeting chaired by Debasish Panda, Chairman, IRDAI with CEOs of all insurance companies.
In this meeting, IRDAI has a set reform agenda to increase penetration of insurance and facilitate sustainable growth of the Rs.50 lakh crore industry. The overarching objective of this meeting was to achieve ‘Insurance for all’ by 2047.
Among other key measures will be:
- Encouraging new insurance players
- Allowing niche players in insurance
- Issuing product certification
- Expending approval process
- Supporting administrative flexibility
- Facilitating insuretech and distribution agility
- Rationalizing expenses
- Updating investment norms
- Revamping grievance redressal mechanism
IRDAI will also give more teeth to industry bodies like Life Insurance Council and General Insurance Council. It said, “It was 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.”
