IRDAI to roll out State insurance plans soon

IRDAI will soon rollout insurance plans for all States along with identifying a lead insurer for each district.

“This will be a major initiative to improve the penetration of insurance by involving the insurers and State governments. The idea is to replicate financial inclusion drives including the lead bank scheme in the banking sector,” a senior official of IRDAI told.

The insurance regulator has already taken up the matter with the States to be part of the programme, which is likely to be launched formally in the ensuing new financial year. “Most of the States have already expressed their consent and the work is in progress,’‘ the official said.

The regulator had also discussed the matter with the insurers , which is ‘eager’ to take part as it augurs well both for the social security of the people as well the business growth of the insurers, he said.

A State level co-ordination committee consisting of insurers, State government officials and representatives of the regulator will monitor the implementation of the State insurance plans with monitoring by nodal officers. There will be two lead Insurers in each district for both life and non-life sectors, the official said.