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Reinsurance Regulations are coming by February End - IRDAI Chairman T S Vijayan

The reinsurance regulations, T S Vijayan, Chairman, Insurance Regulatory and Development Authority of India (IRDA) said that the reinsurance regulations will be out by February end. The reinsurance regulations will determine the insurance business & the order of preference in India.

When asked about what can be expected from the regulations, he said that life insurance regulations are making a headway and will be formulated some time. They are receiving constructive comments, and they will have to analyze them whether these suggestions abide the international standards or not. They will consider the ones that suit our country profile. So, it will take some more time.

The regulatory body explained that now that global corporations are interested in entering the Indian market, there are 4 or 5 companies that have applied for licenses & have shown a keen interest in various general insurance products. He added that insurance sector has a potential for exponential growth and any company with access to a large amount customer-related data will definitely have an extra-edge over its competitors.

Environment factors such as mobile technology, Aadhar etc. offer golden opportunities for the companies. Insurance sector should be aware of such changes since the next wave of growth lies there.