Insurance Regulatory and Development Authority (IRDAI) Chairman Debasish Panda on December 11 said the sector regulator has its eyes on ensuring coverage for all by 2047 and will undertake reforms to cut the compliance burden.
“We envision insurance for all by 2047 by reducing compliance burden,” Panda said at the Global Economic Policy Forum 2024, organised by CII.
The chief of the insurance watchdog also noted that the industry needs to grow with innovation and foster stability with the prevention of systemic risks. “We are trying to implement risk-based supervision. Regulations have moved from rule-based to principle-based. Insurance regulations reduced from 78 to 15,” Panda said.
He also noted that the foundation of insurance rests on making it affordable and simple with efficient risk management.
Panda shared that the insurance information bureau is being “transformed from a repository to becoming a centre for data analytics”.
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