Guidelines for non-life insurance cos' IPO in 1 week: IRDA

Guidelines for non-life insurance cos' IPO in 1 week: IRDA


Guidelines for non-life insurance companies' initial public offering (IPO) are expected in one week, says Insurance Regulatory and Development Authority's chairman Hari Narayan.

Earlier, in May 2012, market regulator SEBI had said that it is in "advance stage" of finalisation for issuing norms to non-life insurance companies planning to come out with an IPO.

Regarding ICICI Lombard case, he says, IRDA will be coming with whistleblower policy. "I wouldn't comment on a specific case like this. I assure that the matter is engaging the attention of IRDA. Various reports and inquires of that issue is under process," he adds.

Narayan sees two concerns for the insurance industry in coming time — protection of the customers and annuities. "Annuity is only provided by LIC in current times. When NPS comes into maturity, then rested money will come in annuity," he adds.

The regulator will also look at raising LIC's investment limit in stocks. "LIC says it needs a higher exposure, more than ten percent in individual companies. A committee has been set up and an appropriate regulation will come," he says.

He further says, a lot of concern regarding Bancassurance is there in the industry. "IRDA is in talks with the industry on the matter."

According to him, there is a possibility of separate health insurance sector becoming reality.