INSUBCONTINENT EXCLUSIVE:
MUMBAI: The insurance regulator called upon all companies to look at corporate governance standards to be fair, transparent, trustworthy and
Regulatory and Development Authority (Irdai), said at the annual insurance conference of the Federation of Indian Chambers of Commerce and
run into the kind of problems faced by non-banking financial companies, which are battling massive liquidity issues, the Irdai chairman
non-life insurance companies
Both the number rose to 15 in the next four years
During the first five years, however, only three life and 13 non-life companies reported operating profit
Last year, the overall rate of growth of premium was 13%, higher than the economic growth of the country
Of the life insurance companies, 21 reported operational profit compared to 25 in the nonlife sector.
Khuntia called upon non-profitable
on establishing risk-based capital system, a self-regulating mechanism where those who manage risk better will be allowed to operate with
postponed to 2022 globally
India has also postponed its introduction, but Irdai needs the help and cooperation of insurers during the preparatory phase prior to its
introduction, said Khuntia.