After a spate of reforms in Unit-Linked Insurance Plans (ULIPs), the Insurance Regulatory and Development Authority (IRDA) wants to streamline reinsurance segment.

 

“Our focus is now on reinsurance. Some measures are likely to be announced in a couple of months,'' Mr J Hari Narayan, Chairman, IRDA, told newspersons on the sidelines of a convocation ceremony of the Institute of Insurance and Risk Management (IIRM) here on Tuesday.

 

One of the reasons for IRDA to take up reforms of reinsurance is the difficulty in tracking the audit trail of many transactions with regard to reinsurance placements and coinsurance.

 

e-platform

 

The regulator is planning to introduce a hi-tech electronic platform for transactions and settlement system in re-insurance and co-insurance soon. It had also announced an exposure draft on the issue for the feed back and a panel, headed by Mr Hari Narayan, is currently looking into it.

 

On ULIPs, Mr Hari Narayan said almost all pending product approvals were cleared.

 

“There are about 65 products which have been cleared till date. The process (of clearing) now has become routine like earlier,'' he said.

 

On IPO guidelines for insurers, he said there was no response yet from the Securities and Exchange Board of India (SEBI) on the draft guidelines sent by IRDA. ``But I am confident that in the next two months, they should be ready,'' he said.

 

Earlier, in his convocation report, Mr Vepa Kamesam, Managing Director, IIRM, said 48 students out of 6 PG diploma students who had completed the course had secured placements with a salary ranging between Rs 3 lakh and Rs 7.5 lakh.