The Insurance Regulatory and Development Authority of India (IRDAI) has set up a committee to review the regulatory framework on microinsurance and recommend measures to increase the demand for such products.
About:
Composition: The 13-member panel comprising officials of the IRDAI, insurers and NGOs is chaired by IRDAI Executive Director Suresh Mathur.
Mandate: To review the regulatory framework on microinsurance and recommend measures to increase the demand for such products. It will also suggest changes in the distribution structure, if any, including mobile-based and technology driven solutions.
Background: The committee has been formed in the backdrop of a less- than-desired offtake of microinsurance products despite their inherent benefits. Its market penetration remains low.
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