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Home / IRDA Update 

Insurance norms to be announced by July

The Insurance Regulatory and Development Authority is expected to announce insurance regulations by mid-July with the IRDA advisory council today clearing the draft guidelines.

The 17 exposure drafts discussed by the 24-member advisory committee included norms for staff, registration procedure, investment norms, ethical standards to be adopted by insurance companies while advertising, norms for insurance agents, brokers, accounting norms and reinsurance rules.

The authority would proceed to fine-tune these regulations though some issues like bringing accounting and actuarial valuations norms in consonance could be more time consuming.

The members of IRDA will meet in early July to finalise guidelines following the opening up of the sector to private participation. After finalisation of the rules, IRDA will submit the rules to the Lok Sabha and the Rajya Sabha secretariat.

The issue of keeping ethical standards in advertising by insurance companies did arise and IRDA would insist that the players keep ethical standards in advertising. and would be applicable even in electronic media advertisement.

The rights of policyholders also came up for detailed discussion. It was also decided that the new players will offer a fixed percentage of the business to the rural sector.

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