IRDAI to tweak capital norms for insurance cos

Source: The Hitavada      Date: 14 Dec 2018 09:15:10


INSURANCE sector regulator IRDAI was in the process of tweaking the capital requirements norms for insurance companies, an official said on Thursday.

“In India the capital requirement at present is Rs 100 crore, which is quite high as compared to advanced nations,” Nilesh Sathe, Member (Life), Insurance Regulatory Development Authority of India (IRDAI) said. By 2021 or 2022, this amount would be changed so that many aspirants could join the insurance sector, he told reporters on the sidelines of MCCI seminar here on Thursday.These firms also did not  need to offer a plethora of products but could stick to select ones, he viewed. Sathe also said he was in line with the banking sector requirements to bring down promoters’ capital leading to listing of the insurance firms.