IRDAI to come out with final regulations for reinsurance sector

The insurance regulator will soon come out with final regulations governing the reinsurance sector, a top official said on Friday.

Speaking to reporters on the sidelines of an insurance conference held by Ficci here, T.S. Vijayan, chairman of the Insurance Regulatory and Development Authority of India (IRDAI), said the regulations will soon come out and the draft norms governing the setting up of the British insurer Lloyds in India have to be finalised.

Queried about capping of management expenses, Vijayan said IRDAI was looking at the participating and non-participating policies sold by life insurance sector and whether they were costed properly.

He added that insurers should have the ability to pay commissions and also there is a level playing field.

Vijayan said IRDAI was monitoring the settlement of claims lodged due to floods in Chennai.