Press Release – India@100 – Insurance for all

IRDAI has issued a Press Release on ‘India@100 – Insurance for all’ dated May 6, 2022 (Press Release).

Major highlights of the Press Release are as follows:

In order to set out a reforms agenda for increasing insurance penetration and facilitating sustainable growth of the insurance industry, Shri Debasish Panda, Chairperson of IRDAI, and Whole time Members, IRDAI interacted with CEOs of Insurers on April 06, 2022 and April 07, 2022 at Mumbai and subsequently with Non-Executive Chairpersons of Insurers on May 05, 2022 and May 06, 2022 at IRDAI Headquarters, Hyderabad.

In these interactive sessions, IRDAI expressed firm commitment towards following reforms which would lead to the objective of “Insurance for all” by 2047 :

• Promoting ease of doing business by encouraging new insurance players
• Allowing niche players in insurance
• Relaxing renewal norms for intermediaries
• Product certification by insurers
• Time-bound approvals
• Administrative flexibility
• Fast-track approvals for investment proposals
• Facilitating InsureTech and distribution agility
• Need for risk based capital and solvency
• Convergence to Ind-AS
• Rationalizing expenses of management
• Developing talent pool
• Updating investment norms
• Sustainable growth of industry
• Revamping the Grievance Redressal Mechanism

Action plan of IRDAI:

• To make the Regulations lighter and reduce the compliance burden on the insurers;
• To revamp the role and functioning of the Life and General Insurance Councils to make them more vibrant
• To enhance the role of Insurance Information Bureau of India (IIB) in supporting data and tech-driven insurance solutions

Source category: IRDAI

Attachments

• /2022/32_2022-05-06_Press_Release_-_India@100_–_Insurance_for_all.pdf