Policyholders' views needed to make rules: Irdai Chariman Ajay Seth

Irdai Chairman Ajay Seth said the regulatory process must integrate policyholders' expectations and strengthen coordination among regulators to address overlaps and systemic financial risks

Insurance policyholders’ opinion must be considered when regulations are being made for the sector, said Ajay Seth, chairman of the Insurance Regulatory and Development Authority of India, on Friday.

 

“A significant regulatory gap from the insurance sector's perspective is the voice of the public at the stage of regulation-making,” he said at a conference called ‘Gatekeepers of Governance’ in Mumbai. “While views of the insurance industry get well-articulated, we need to find ways to bring in expectations of policyholders, both current and potential, in a more structured and extensive manner.”

 

He highlighted another concern —unregulated health service providers