Saturday, January 20, 2018

India to revise insurance fund rules

India’s insurance regulator is looking to revise insurance regulations to keep up with the changes in market and economic landscape in the country.

According to the Insurance Regulatory Authority of India (Irdai), a high-level panel at Irdai has recommended that the investment norms undergo significant change to improve the returns generated by funds while taking into account risks that are inherent in various asset classes.

The panel, consisting of eight members, was created in January this year with the goal of suggesting amendments required in the regulations.

Based on the committee’s report, the investment norms governing traditional business are somewhat limiting, which makes it hard for providing policyholders with competitive returns.

It said the current investment regulations requiring investment in certain asset classes restrict the returns that may be generated to enable better returns for the policyholders.

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