Page 18 - Life Insurance Today March 2016

INSURANCE
REFORMS: TIME
TO EXECUTE THE
VISION

T he Insurance Regulatory and Development Prior to the Act, insurance in India was a state monopoly.
Authority Act was passed in India in 1999, which As a newly established entity with a daunting mandate, the
allowed the introduction of private companies to IRDA sought USAID technical assistance to help build its
participate in the insurance market in India and institutional capacity to apply leading international
named the IRDA as the sole insurance regulatory body to practices for the newly created private insurance industry
oversee all insurance-related activity. The mandate of the and its supervision. In addition, the IRDA addressed
IRDA was to both regulate the insurance industry, and also deepening and broadening insurance penetration,
to help develop the market. India's insurance industry has particularly among those residing in India's rural areas and
witnessed rapid growth during the last decade. the poor. Both of these groups comprise a large percentage
of the Indian population.
Consequently, many foreign companies have expressed
their interest in investing in domestic insurance companies. India insurance is a flourishing industry, with several
national and international players competing and growing
Jagendra About the author at rapid rates. With reforms and the easing of policy
Kumar regulations, the Indian insurance sector been allowed to
Mr Jagendra Kumar is currently the flourish, and as Indians become more familiar with
Corporate Head (Training) at Shriram different insurance products, this growth has significantly
General Insurance Company. Mr Kumar is a increased in the period from 2010 - 2015 which is said to
prolific writer and has wide experience in be the 'Golden Age' for the Indian insurance industry.
the general insurance industry. Before India's rapid rate of economic growth over the past decade
joining SGI he was the CEO in Pearl
Insurance brokers.

"Imperfection is beauty, madness is genius and it's better to be absolutely ridiculous than absolutely boring."

18 March 2016 Life Insurance Today