Us Official To Meet Ira Officials On Sector Rules

Kevin T Cronin, a director of government and international relations for the National Association Insurance Commissioners (NAIC) of the US, will meet Insurance Regulatory Authority of India (IRA) officials next week to discuss the regulatory measures taken for the insurance industry of the country.

Speaking to Business Standard, Cronin said, "The IRA officials are well qualified and quite aware of the global insurance issues. I have the understanding that whatever decisions they take will be good for the Indian insurance industry." On the issue of the much awaited opening up of the Indian insurance industry to foreign insurers, he said, "I believe that this is a political issue here."

 

Earlier, at a round-table conference on insurance, organised by the Bengal Chamber of Commerce & Industry, Cronin discussed the potential benefits of opening up insurance market to foreign insurers. The meeting was attended by senior representatives of LIC, GIC, ICICI, IDBI and companies offering insurance assessment and services.