Financial Daily from THE HINDU group of publications
Friday, Oct 07, 2005
Financial Daily from THE HINDU group of publications Friday, Oct 07, 2005 |
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Money & Banking
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Regulatory Bodies & Rulings IRDA for smooth transition to detariffed regime Our Bureau
Mr C.S. Rao (centre), Chairman, IRDA; with Mr David Mulford (right), US Ambassador to India; and Mr Ken Chill, Managing Director, Bearing Point, at an insurance conference in the Capital on Thursday. — Kamal Narang
New Delhi , Oct. 6 THE Chairman of Insurance Regulatory and Development Authority, Mr C.S. Rao, today said that the insurance regulator would try to ensure that the transition to a detariffed insurance market would be smooth and orderly. The IRDA recently prepared a roadmap for removal of tariff controls by end-2006. "The IRDA is in favour of a orderly transition towards a detariffed regime. We hope to move towards the new regime without upsetting the market," Mr Rao said while speaking at a seminar on insurance organised jointly by the IRDA and the US Agency for International Development. Mr Rao said that the IRDA was waiting for the response of the industry to the proposed roadmap before taking a final decision on the matter. "The response of CEOs of insurance companies is expected to come soon," Mr Rao said. The IRDA Chairman said that the regulator was interested in ensuring that the insurance market grows in a healthy manner. "We are interested in seeing that the insurance sector has a healthy growth even it is a moderate growth," he said.
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