Two More Insurance Aspirants Seek Nod
N Rangachary, chairman, Insurance Regulatory and Development Authority (Irda) today said that the sector regulator has received two more application from private sector players to operate in the insurance sector. He said the applications are under consideration now, but was reluctant to disclose the identity of the applicants.
He also said that regarding the pension scheme for the unorganised sector, the authority is expecting an announcement from the government at the earliest.
He said that 13 companies were already allowed to operate in the insurance sector other than Life Insurance Corporation of India [LIC], and of these, 6 are in general insurance sector. He also said that taking care of investor's interest is the primary objective of Irda and the coming of global players in this sector will not in any way affect the interests of the policyholders.
According to some estimates, 89 per cent of the Indian population is out of the purview of pension schemes and all the schemes so far implemented cover only 11 per cent of the population.
Irda is planning to have all the people of the country under suitable pension scheme and Irda has already submitted a report in this regard to the government on October 31, 2001.
Rangachary said that he is hopeful that a suitable pension scheme for the general public will be evolved soon. He inaugurated the wealth centre concept of Geojit Securities Ltd. Kerala will have 12 such centres soon which will enable a complete financial and investment planning for individuals there. Such centres will be taken to other parts of the country within next 18 months, according to A P Kurien, chairman, Geojit Securities.