'Policyholders' views needed to make rules'

Insurance policyholders’ opinion must be considered when regulations are being made for the sector, said Ajay Seth, chairman of the Insurance Regulatory and Development Authority of India, on Friday.

- AATHIRA VARIER

“A significant regulatory gap from the insurance sector’s perspective is the voice of the public at the stage of regulation-making,” he said at the ‘Gatekeepers of Governance - Corporate Governance Summit’.

“While views of the insurance industry get well-articulated, weneed to find ways to bringin expectations of policyholders, both current and potential, in a more structured and extensive manner,” Seth stressed.

He highlighted another concern — unregulated health service providers —asan area requiring focus.

Irdai Chairman Ajay Seth said unregulated health services were also a concern requiring focus