Mumbai: Hinting at a major overhaul in the regulations for insurance sector, the Insurance Regulatory and Development Agency (IRDA) today said it will soon come out with merger and acquisition (M&A) norms for insurers and initial public offer (IPO) guidelines are already on the way, reports PTI.
At the same time, IRDA also favoured portability in the health insurance space, a move that will pave the way for the consumers to switch from one insurer to the other for their mediclaim policies.
Speaking to reporters at an insurance conference here, IRDA chairman J Hari Narayan said that IPO norms for the life insurance companies are expected very shortly from the capital market regulator Securities and Exchange Board of India (SEBI).
At the same time, IRDA is working on M&A norms for the insurance companies and these guidelines could be announced soon, he said.
In another move aimed at benefiting the consumers, Mr Hari Narayan said that IRDA wanted portability to be introduced in the health insurance space.
Once implemented, these norms would allow consumers to switch their insurers for their health insurance policies, just like mobile number portability (MNP) that allows the telecom subscribers to switch their service provider while retaining the mobile number.
Although proposed for quite some time, the mobile number portability is yet to be implemented in the country.