Hyderabad: The Insurance Regulatory and Development Authority (IRDA) is planning to take up a comprehensive review of the regulatory framework.
``The regulations are now aging. I am thinking of review of all the regulations of IRDA by an appropriate body in view of the growth in the insurance industry,” Mr J. Hari Narayan, Chairman, IRDA, said in his address at the 5th Annual Conference of Insurance Brokers Association of India (IBAI) here on Saturday.
One of the immediate concerns for the authority is to simplify the policy document. “Now there is cumbersome way of writing the policy documents. I personally feel that this was done fundamentally to fool the policy-holders,” and asked the broking firms to make the people understand all aspects of the policy.
IRDA is also toying with the idea of introducing policy documents in regional languages. Responding to a request by IBAI that sub-brokers should be allowed, Mr Narayan said more clarity was needed on issues such as broker-sub broker relationship, the format of contract between them and the securities/responsibilities from the broker.
