News Non-Life 25 Jan 2018

India:Rules for brokers to be released soon

25 Jan 2018

New broker regulations would be issued "any time" as they have already been sent for publication in the government gazette, IRDAI Chairman TS Vijayan said yesterday.

"About ownership, partnership, all these things are coming up. Minor changes, but it will be helping the brokers," he told reporters on the sidelines of the event.

Turning to the insurance sector in the country as a whole, he said that the market is set to witness significant growth and the growth would be seen in all segments, including motor, life and medical, according to local media reports.

He said: "Future growth will come in all the industries. Just look at the number of vehicles that are manufactured in India.

“Every year you must be seeing that the number of cars manufactured is going up. All of them need insurance. And the growth comes from there."

He also said that the introduction of GST and demonetisation have led to formalisation of the economy. “When formalisation happens, it helps industries like insurance... It is not informal. Insurance cannot be informal," he said.

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