As per the latest reports, the Insurance Regulatory and Development Authority of India (IRDAI) has been engaging with the insurance industry stakeholders to set out a reform agenda. This is titled as IRDAI Vision 2047, which is made to increase insurance penetration and facilitate sustainable growth of this industry. Know more about the IRDAI’s new reforms on the page below.
List of Reforms Proposed Under IRDAI Vision 2047-Insurance for All
The reforms put forward by the IRDAI include –
- Encourage new insurance companies by promoting ease of business
- Giving chances to capable companies in the insurance sector
- Easy to meet renewal norms for intermediaries
- Insurance product certification by the insurers
- Time-bound approvals for meeting everybody’s needs within a fixed period
- Administrative flexibility to reduce the burden of insurers
- Fast-track approvals for companies’ investment proposals
- Facilitation of InsurTech and distribution agility
- Need for risk-based capital and solvency
- Uniformity to Ind-AS
- Management expenses rationalization
- Talent pool development
- Investment norms update
- Sustainable growth of the insurance industry
- Changes to the grievance redressal mechanisms
IRDAI tends to make the regulations friendly to reduce the compliance burden on the insurance companies.
Which Things Were Highlighted in the IRDAI Meeting?
IRDAI has addressed the insurance protection gap, the importance of engagement (for stakeholders), etc. IRDAI and non-life and life insurance firms met to see what more they can do to penetrate the product among people. There is also a proposal to revamp the role and functioning of life and general insurance councils to make them more vibrant and responsive to situations.
Whereas the role of the Insurance Information Bureau of India (IIB) in supporting data and tech-driven insurance solutions was also part of the discussion in this. The information on the meeting is provided to you by the IRDAI official statement.
Stay tuned to Wishfin.com for the latest updates on IRDAI Vision 2047.