No immediate worry about solvency due to surge in Covid claims: Irdai chief

Irdai Chairman Subhash Chandra Khuntia talks to Subrata Panda on a range of subjects including shareholding of banks in insurance firms

The insurance sector fared better than expected, in terms of growth, in financial year 2020-21 (FY21). In an interview, Subhash Chandra Khuntia, chairman of the Insurance Regulatory and Development Authority of India (Irdai), talks to Subrata Panda on a range of subjects including shareholding of banks in insurance firms, and increase in term plan prices. Edited Excerpts:
 
Is Irdai talking to Reserve Bank of India about capping the stake of banks in insurance companies?
 
There is a lot of synergy between the business operations of banks/non-banking financial companies (NBFCs) and insurance companies. Bank branches are spread across the