The IRDA chairman T.S. Vijayan said recently that the regulatory requirement of the life insurance industry to re-file all existing products will not impact its growth this fiscal.
The IRDA has set October deadline for insurance companies to re-file all their existing group and individual products.
“The re-filing of life insurance products is an ongoing process. There is not a single company which has not got a product approved. The whole process is going on seamlessly,” said Vijayan.
He further said that the regulator is considering the proposal to allow banks to sell products of more than one insurance company. The Finance Minister in the Union Budget had announced that banks can be allowed to act as brokers, selling policies of multiple insurance companies to improve insurance coverage.
Vijayan added that they are holding discussions and committee meetings to utilize bank branches to improve insurance penetration. “Banks have a huge branch network and they should be representing the customer rather than the insurance company,” he said.
The regulator is also considering increasing the debt investment limit of the country’s largest insurer, Life Insurance Corporation.
