The IRDAI is bringing in reforms to create a new regulatory architecture to promote ‘Insurance for All’ by 2047.
The focus of the reforms is to strengthen the three pillars of the insurance system – policyholders, insurers and intermediaries – by:
- Having the right products available to the right customers
- Creating a robust grievance redressal mechanism
- Making it easier to do business in the sector
- Ensuring regulatory architecture aligns with market dynamics
- Driving innovation, competition and distribution efficiencies, while mainstreaming technology and moving to a principle-based regulatory regime.
To achieve these objectives, proposals were approved at the 120th Meeting of the IRDAI held in Hyderabad on 25 November. The proposals were the registration of Indian insurance companies; investments in insurance companies; increase in tie-up limits for intermediaries; regulatory sandbox; other forms of capital; appointed actuaries; and solvency norms for general insurers and life insurers.