IRDAI to create state insurance plan mirroring SLBCs: Panda

IRDAI is trying to create a state insurance plan in which district potential targets will be aggregated to create plans similar to the State Level Bankers’ Committee (SLBC), IRDAI Chairman Debasish Panda said.

“Depending upon the potential and the protection gap (in states), we are trying to create a state insurance plan with equal partnership of state governments in this effort, helping us in our objective of achieving insurance for all by 2047,” he added at a Confederation of Indian Industry event in New Delhi.

The SLBC is the highest body of bankers at the state level, ensuring coordination between the government and banks on matters pertaining to banking development. It meets once every quarter to discuss the effective implementation of development programmes and government guidelines in areas of poverty alleviation, with special emphasis on priority sector lending, financial inclusion, etc.

Panda said IRDAI is also looking to bring down the number of regulations for insurance players and promote innovation in the sector to ensure the availability, accessibility, and affordability of insurance products.