Efforts on to make India a global reinsurance hub: IRDAI Chairman Debasish Panda

“We are making efforts towards building a reinsurance landscape which will enable India to become a global reinsurance hub,” Debasish Panda said.

The IFSC Gift City in Gandhinagar can become the edifice on which the global reinsurance hub can be created within the country, Debasish Panda said while speaking at a CII event. (File image)

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Insurance Regulatory and Development Authority of India (IRDAI) is working towards making India a global reinsurance hub, Chairman Debasish Panda said on Thursday.

The IFSC Gift City in Gandhinagar can become the edifice on which the global reinsurance hub can be created within the country, he said while speaking at a CII event.

“We are making efforts towards building a reinsurance landscape which will enable India to become a global reinsurance hub,” Panda said.

Insurance Act amendment

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The regulator has sent some proposals to the government for amendment of the Insurance Act which will facilitate entry of differentiated players in the sector.

“We have sent some proposals to the government for amendment of the Insurance Act. It will enable entry of new players in the form of micro, regional, small, captive, specialised players and even composite licenses,” Panda said.

The move will help insurance companies to cater to different geographies and strata of the population.

Reduction in compliance

Panda said IRDAI is also looking to bring down the number of regulations for insurance players.

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“We have a huge number of regulations and 1000 odd circulars, which are undesirable. As of now 97 circulars have been repealed as of now and more than 79 returns have been rationalised,” Panda said.

He said the comprehensive review is underway and hopefully in the next three-four months a lot of cleaning up will happen.

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