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