Irdai carrying out series of reforms for ease of doing business: Minister

Irdai has also developed a mechanism to process applications filed for registration of new insurers and for grant of certificate of registration to commence the insurance business in India

The insurance regulator is carrying out a series of efficiency reforms to promote ease of doing business among insurance companies, Minister of State for Finance Bhagwat Karad has said in a written reply in the Lok Sabha.

This was in response to a question on whether the Insurance Regulatory and Development Authority of India (Irdai) is rationalising the existing framework and reducing compliance burden on regulated entities to support their growth.

The minister said Irdai had formed several working groups that had been tasked with making a comprehensive review of the existing regulations under the aegis of Life Insurance Council