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The insurance regulator, IRDA, said on Thursday that the long-awaited initial public offering (IPO) guidelines for insurance companies was almost ready and that there was no pending issues from its side.
However, the two issues that are holding up the finalisation of the guidelines are market regulator, SEBI's comments and the framing of a formula to determine “embedded value” of life insurance companies.
“From our side, we are ready. But still there are two knotty issues. One is SEBI's comments. That also we expect in a day or two. The other issue is that the institute of actuaries have to decide on the formula for embedded value,” Mr J. Hari Narayan, IRDA-Chairman, told reporters on the sidelines of a health summit organised by Confederation of Indian Industry here.
On reforms in bancassurance, Mr Narayan said that an IRDA appointed committee had recently submitted its report and that its recommendations were under the consideration of the regulator.
The committee is understood to have recommended that a bank can be a bancassurance partner for two insurers. “We are yet to firm up our views. It is being considered,” Mr Hari Narayan said, adding that no timeline can be specified.
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