The Insurance Regulatory and Development Authority (IRDA) is planning to launch an E-Insurance programme soon. For this, repositories such as NSDL, CDSL, Stock Holding Corporation of India, Karvy Group and Chennai-based CAMS Repository Services are selected and will be placed shortly.
IRDA Chairman J Hari Narayan while addressing the 15th Confederation of Indian Industry insurance summit, said, on the reach of inflection point, an exposure draft on investment norms, including swaps and hedging, for insurance products will be introduced by the end of this week. Further, steps have been taken towards risk based solvency, as the core essential of insurance industry lies in protection and annuity provision.
However, by adding he said, the real growth, challenge and opportunity in insurance today lies in the non-life insurance sector in India and the existing insurance companies will have to recast themselves to take advantage of it.
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