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List of Reforms Proposed Under IRDAI Vision 2047-Insurance for All

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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.

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.

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