M&A norms for insurance sector soon: IRDA chief

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.

User

COMMENTS

Keshav B Bhat

6 years ago

Dear Sir,

How coud the portability of healt insurace can be applied unless all the insurars have the same U/R norms and same or common features/covers in their products. I feel It is meaningless to talk about potability unless a common product is brought in to the market. All these type of talks and propaganda will only result in more and more people getting cofused about MEDICLAIM. Today it is a fashion to become famous by making unmindful alligations about insurars and advisors instead of making the people to understand the necesity of insurance and impotance of taking the cover when people are healthy to gain the benifit later in life when they are in need.
Regards
Keshav B Bhat

The Sino-US trade war is about to snowball

The US Congress is considering legislation that would treat what lawmakers call China’s undervalued yuan currency as an export subsidy.

Read Article...

User

Testing the effectiveness of your homepage

To truly understand what your site conveys, why not test a reader's memory?

Read Article...

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)