IRDAI nod for reinsurance players in October: Vijayan

The Insurance Regulatory and Development Authority of India (IRDAI) is all set to give final clearance to as many as six global players in the reinsurance market, enabling them to start operations by January 2017.

“About five-six companies have come and I think by January 2017, there should be some players in this market. We will be taking a decision in the next board meeting. Then they will have to bring capital and start working,” IRDAI chairman TS Vijayan said.

On listing of insurers which have completed 10 years of operations, Vijayan said law demands that the companies become public, but added that it will take some more time for the regulator to finalise the draft guidelines.

He also said that IRDAI would finalise the regulations pertaining to payment of commission or remuneration to insurance agents and intermediaries. “I believe in the next board meeting, we will be able to finalise” said vijayan.