Insurance Regulator In Intense Discussions With Companies For Listing

As some insurance companies grow larger, the Insurance Regulatory and Development Authority is in intense discussions with insurers for listing, said Swaminathan S Iyer, member (life), at the regulator.

Iyer was speaking at the launch of a public awareness campaign by the Life Insurance Council. It’s a continuous process, Iyer said. "We will continue to engage with companies we think should move towards listing," he said.

Usually listing is done with the objective of improved transparency, governance and raising capital, he explained. With most of these companies, capital is not as much a challenge and while it is not mandatory for them to list, IRDAI is looking at listing on insurer-to-insurer basis, he said.

The decline in life insurance penetration is something the regulator has taken note of and is working on bringing it back, Iyer said.

IRDAI will work on uniform KYC. "Uniform KYC is another way to ensure that the customer is not approached multiple times for a similar process," Iyer said, adding that it is a directive by the Financial Stability and Development Council.