Industry braces for sweeping regulations
Posted On: Mar. 19, 2015 12:00 AM CSTIndia's Insurance Regulatory and Development Authority plans to announce around 40 new regulations in the coming months, Business Standard reported.
The impending regulations follow the passage of the insurance bill by the Indian Parliament. The insurance bill empowers IRDA to define limits for agent commissions, management expenses and the qualifications of agents and surveyors, among other things, said an official. Insurers "will have to respond quickly through appropriate changes to their operating model" as IRDA comes up with the regulations, the official added.