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Insolvency regulator IBBI has reached out to insurance regulator IRDAI for the design of specialised insurance products for insolvency professionals (IPs). “There is need for cost-effective insurance products for our IPs. We have reached out to IRDA stating that Indian insurers should look at coming out with tailor-made cost effective products for IPs,” M.S.Sahoo, Chairman, IBBI told BusinessLine here.
Sahoo highlighted that developed markets like the US already have specialised products to cover resolution professionals there. “Our IPs have also started buying those products to cover themselves. We have to think of offering such products here in a cost-effective manner,” Sahoo said.
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