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The Insurance Regulatory and Development Authority (IRDA) will issue corporate governance norms during this month. Among other issues, it will address areas such as management control of insurance companies, the Chairman of IRDA, T S Vijayan, said on Thursday.
He was addressing the media on the sidelines of an insurance summit hosted by Assocham.
He said IRDA will also be issuing guidelines for regulating the insurance agents. The sale of a policy by the agent will be mapped and a record of the sale will also remain with the agent. In the event of a complaint, the agent who has actually done the sale would be traced,
Regulation for reinsurance companies will also be put in place this month. About six to seven foreign companies might open their branches here, he said.
On the matter of worry of life insurance companies paying higher taxes under Goods and Servcies Tax (GST) regime, Vijayan remained non-committal. He merly added that taxes is a matter for the Finance Minister to take a call.
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