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In the works at IRDAI: Making Indian insurance firms less risk-averse

The regulator hints at relaxing the FDI cap still further but it is unclear yet whether doing so would spread insurance to the bottom of the pyramid

Insurance | Insurers | Insurance companies

Subhomoy Bhattacharjee  |  New Delhi 

Instead, some companies have resorted to opaque structuring of their equity

In a span of three months since taking over, Debasish Panda, the new chairman of the Regulatory and Development Authority of India (Irdai) has issued a flurry of orders, significantly relaxing rules for all types of companies to operate in India. At an average of one order per week, he has reduced the number of returns these companies have to file every month to four from the existing 40-odd, done away with prior approvals to launch new products and eased capital requirements, especially for entering government-run products that offer vast opportunities to grow. Most importantly, he has held out the carrot of a possible 100 per cent foreign direct investment in the underwriting business, against the present 74 per cent.



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First Published: Fri, June 17 2022. 18:02 IST