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IRDAI is carrying out series of reforms for ease of doing business: Minister
26-Jul-22   23:30 Hrs IST

In a written reply to the Lok Sabha, Minister of State for Finance Bhagwat Karath said that the Insurance Regulatory Authority is carrying out a series of efficiency reforms to promote ease of doing business among insurance companies.

This was in response to the question of whether the Insurance Regulatory and Development Authority of India (IRDAI) is rationalizing the existing framework and reducing the compliance burden to support the growth of regulated entities.

The Minister said that IRDAI has constituted several working groups which are engaged in comprehensive review of existing regulations under the aegis of Life Insurance Council and General Insurance Council respectively.

IRDAI has also developed a mechanism for processing applications filed for registration and issuance of registration certificate to new insurers for starting insurance business in India.

As a result of the new mechanism, several companies, including Canadian billionaire Prem Watsa's Fairfax Group and Kamlesh Goyal, promoters of general insurer Co Digit General Insurance, have applied for licenses to set up new insurance companies.

The regulation has permitted "use&file" procedure for many product segments in the life and non-life industry. Earlier, insurers would follow the "file&use" procedure, which would invariably result in delays in product approvals.

They have also introduced new motor insurance add-on covers namely "pay as you drive" and "pay how you drive", which is expected to make own damage covers cheaper and drive higher penetration.
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