Insurance Regulatory and Development Authority of India

Other improvements have also been made to India’s healthcare system.

The IRDAI is actively considering introducing collaterals within the Indian insurance industry.

The IRDAI reminded insurers to make better efforts in terms of payment of dues.

A committee has been placed to form recommendations to the IRDAI.

Notably, this is the fifth registration granted by the IRDAI across the industry in approximately the last year.

The share of banks as corporate agents was 5.93% of non-life insurance and 17.44% of new business premiums in 2022-23.

Its gross written premiums will reach $809m by 2027.

The regulator wants to ensure that each area has a dedicated "vahak" to sell and service straightforward insurance products.

This will be held every 15th day of the month.

The IRDAI said that standardisation of policy wording is not desirable at this juncture.