With regulation,development of sector is also Irdas job: FM

While urging the general insurance industry to improve penetration of non-life products,finance minister P Chidambaram said the role of the Insurance Regulatory and Development Authority Irda should not be limited to only regulation. The regulator should also look into development of the industry,he said.

Regulation is important but development of insurance industry is equally important, Chidambaram said on Friday at the launch of Pan-India Non-Life Insurance Awareness Campaign. Pointing out that for the first time,the new Irda chairman is an insurer who has grown up in the insurance industry,the finance minister expressed hope that he would also help popularise the campaign. TS Vijayan,who was appointed as Irda chief in February is former chairman of the Life Insurance Corporation of India.

Chidambaram also urged the general insurance industry to design additional products that would fulfill the evolving demands of the consumers. Insurance is a good way to mobilise the savings of the people and it can in turn be mobilised into the economy. This will have a multiplier effect, he said.

Money laundering allegations: Irda report soon

New Delhi: Irda chairman TS Vijayan on Friday said that the regulator is likely to finalise report by next week on the allegations of money laundering by three companies HDFC Life,ICICI Prudential Life and Max Life following a report by Cobarapost. PTI