Transparency still continues to be the stumbling block when it comes to the insurance sector in India, said Sudhin Roy Chowdhury, member (life), IRDA at the 6th ICC Insurance Summit recently in Kolkata.
Expressing his optimism for the early passage of the Insurance Bill in view of the capital crunch in the industry, Roy Chowdhury, chief guest at the function, stressed on the developmental role of IRDA in boosting market entry, competitiveness, and clarity in the sector.
Elaborating on the host of regulatory measures adopted by IRDA for controlling mis-selling, he made it clear that the qualifying marks for the certification exam of insurance agents have been brought down towards boosting the agency channel of distribution.
Calling for introduction of global underwriting practices in the country, Mr Ashok K Roy, CMD, General Insurance Corporation of India (GIC) Ltd observed that over 15 per cent industry growth for the non-life insurance sector has not been matched by corresponding supporting capital growth. He maintained that the non-life insurance industry in India is way behind in market research, product innovation and risk management practices.
