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Journalism of Courage
NEW DELHI, APR 21: Confederation of Indian Industries (CII) today welcomed reappointment of N Rangachary as chairman of Insurance Regulatory Development Authority (IRDA) till 2003 and said this would ensure continuity in authority for formulating regulations and giving licenses.
Government’s decision to establish IRDA as a statutory body would accelerate the opening up of insurance sector, it said.
The notification of the IRDA would set in motion the appointment of the 25-member Insurance Advisory Committee and framing of regulations, CII statement added.
"As the IRDA Act specifies that all regulations framed by the authority will have to go through an Insurance Advisory Committee, the Authority will now be able to focus attention exclusively on the framing of regulations," the statement added.
CII expressed confidence that the IRDA, having already outlined the draft regulations for intermediaries, would also finalise regulations for the life and non-life sectors shortly and set the stage for the acceptance of license applications.
