Irdai to use consultative regulation process: FM

THE PROPOSED AMENDMENTS to the country's insurance laws seek to widen coverage, strengthen oversight and make the sector more transparent and investmentfriendly, while keeping policyholder interests at the core, Finance Minister Nirmala Sitharaman said on Tuesday.

- FE BUREAU

The Amendment of Insurance Laws) Bill, which was approved by Lok Sabha on Tuesday, also aims to tighten regulatory oversight to ensure the orderly conduct of insurance business.

Transparency is central to this effort, with the introduction of standard operating procedures for regulation-making and mandatory public consultation on all regulations by the Insurance Regulatory and Development Authority of India (Irdai), Sitharaman said.