Insurance sector officials are not sure whether any other life insurer or a general insurance player other than GIC Re will qualify for the status. The committee headed by Pravin Kutumbe, Member-Finance & Investment, Irdai, has been asked to submit report in six months.
IRDAI had, way back in 2007, deregulated the pricing of the entire range of insurance products except the third party motor premium. Every year by March 1, the IRDAI unveils the new third party motor pricing for the year.
The total assigned capital of foreign reinsurance branches increased to Rs 2,570.35 crore, as of March 2018, from Rs 1,117.81 crore, as of March 2017, the insurance regulator said in its Annual Report.
According to the annual report of the Insurance Regulatory and Development Authority of India (IRDAI), as much as Rs 11,905.89 crore was collected by 11 private sector insurers as premium, but they faced insurance claims of only Rs 8,831.78 crore.
The court was hearing a PIL seeking directions to the Centre, the IRDAI and insurance companies to remove congenital anomalies from the list of general exclusions in the health or life insurance policies.