Regulator forms panel to revamp insurance regulations


The (IRDAI) has shaped a committee to overhaul the sector’s regulations with the goal of constructing it simpler for stakeholders to do business, mentioned individuals aware of the matter.

The 18-member committee was shaped earlier this month and has been given six to eight weeks to conduct a complete overview of the 70 or so regulations governing the trade to guarantee principle-based regulations, reported The Economic Times citing an individual conscious of the small print.

“The committee’s remit is streamlining regulations to weed out duplicates and simplify rules. Besides CEOs it also includes chief risk officers, compliance officers and actuaries of insurance companies who will bring different perspectives,” one of many individuals cited earlier mentioned.

The committee additionally consists of representatives of intermediaries, like brokers and third-party directors; officers from the IRDAI; and a few giant authorities insurance firms like Life Insurance Corp of India, The New India Assurance, and GIC.

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