Money & Banking

New broker regulations will be out 'any time': IRDAI chief Vijayan

G Naga Sridhar Hyderabad | Updated on January 24, 2018

New broker regulations will be out 'any time' now, according to T. S.Vijayan, Chairman, Insurance Regulatory and Development Authority of India. "We have sent them for the Gazette notification," he said, while speaking at the 14th annual insurance brokers' summit held here on Wednesday. The insurance industry was 'active and alive' and is growing well in double digits in segments, he said.

Sanjay Kedia, President, Insurance Brokers' Association of India (IBAI), said the role of the broker was increasing in a range of transactions in the insurance market. The technology, data analytics and brokers' role in claim distribution (which is not present in India today) would be game-changers going forward, Kedia said.

The demand for insurance broking has been growing with 428 brokers in the industry as of today. Non-life premium has grown 32.9 per cent at Rs 1.28 lakh crore premium in 2016-17. Of this, Rs 30,000 was placed by the brokers.

Published on January 24, 2018

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