Insurance CEOs to meet IRDAI chairman for regulatory relaxations

CHENNAI: More regulatory relaxations, consolidation of the regulations, corporatisation of Insurance Information Bureau of India (IIBI), formation of a common software platform for health claims are some the matters that will be discussed by the CEOs of the insurance companies with the sectoral regulator, said industry sources.

Pushing for further regulatory relaxations in the insurance sector, the captains of life and non-life insurers will be meeting Debasish Panda, Chairman of Insurance Regulatory Authority of India (IRDAI) on June 30 and July 1 at Hyderabad. The insurers will also discuss with the IRDAI on changing the regulations relating to expenses of the management, commission structure to the intermediaries, offering discount on premium to direct policyholders and the norms relating to benefit illustration to lure prospective customers.

The meeting is part of Panda’s earlier promise of meeting the industry captains every two months, a senior industry official not wanting to be quoted said. The first meeting was held in Mumbai in April where Panda met the top officials of insurers like CEO, Chief Marketing Officers, Chief Technology Officers and Chief Financial Officers.

However, this time around Panda will be meeting only the CEOs of the insurance firms. The upcoming meeting will also discuss the introduction of a women driven channel on the lines of Business Correspondents in the banking sector.