The pension schemes of insurance companies will continue to be regulated by the insurance regulator, said the Insurance Regulatory and Development Authority (IRDA), Chairman, Mr J. Hari Narayan.
He, however, said the pension schemes handled by insurance companies have dipped from 25 per cent to 17-18 per cent. Insurance companies at present handle pension schemes worth Rs 36,000 crore, he told presspersons on the sidelines of a summit on ‘Transforming healthcare with IT 2011'.
On monitoring of claims settlement by insurance companies, he said IRDA was in the process of automating the entire process for better monitoring of the claims handled by the insurers to avoid any delays in the system. “We will complete the automation within a year,” he said. On ULIPS, Mr Hari Narayan said though the growth in the overall insurance sector was 19 per cent year-on-year, the rate of growth in the ULIPS sector has come down to 13 per cent, with customers shifting to traditional products.