The insurance sector seems set for a major revamp with likelihood of a single licence for all products, and permission to cross-sell other financial instruments.
The finance ministry has proposed a host of amendments to the insurance laws — from granting insurers a composite licence to allowing them to sell different financial products, and increasing the retirement age of the chairman and whole-time members of the Insurance Regulatory and Development Authority of India (Irdai). READ MORE
An amendment to issue one composite licence for insurance companies to operate in multiple businesses would certainly act as a major booster for the industry. Presently, when an insurance company wants to bring multiple segments such as general, life and health insurance