Plans three-year sunset clause on regulations for policy dynamism: IRDAI chairman
₹60 trillion AUM industry. According to Panda, the aim has been to facilitate ease of doing business, reducing compliance burden while also ensuring the interest of the policyholders is protected.
“The idea was to reduce the number of regulations, move towards a more principle-based approach from the current rule-based one and also towards unified regulations which will be one stop for all regulatory stipulations," said Panda. “We are hoping that a total of 10 to 11 unified regulations for all the aspects pertaining to the insurance industry sector would be notified before the end of the financial year." Panda said that just like how UPI has been a game changer for the payments industry, the JAM trinity, i.e., Aadhar, Pradhan Mantri Jhan Dhan Yojana, and mobile connectively has played a similar role for the BFSI industry which has taken financial inclusion to the last mile.
Pradhan Mantri Mudra Yogna added a further fillip, added Panda. Similarly, for insurance, he said Pradhan Mantri Jeevan Jyoti Beema Yojana and Pradhan Mantri Suraksha Yojana are doing a similar job.Milestone Alert!
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