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IRDA refutes World Bank-IMF report on Indian insurance

IRDA said that it has dismissed an observation made in a World Bank-IMF study that the regulator was not adequately independent

September 02, 2013 4:13 IST | India Infoline News Service
The Insurance Regulatory and Development Authority (IRDA) on Friday refuted the World Bank-IMF (International Monetary Fund) report on Indian insurance sector.

IRDA chairman TS Vijayan said that it has dismissed an observation made in a World Bank-IMF study that the insurance regulator was not adequately independent.

“IRDA would like to assert that there is complete autonomy with regard to supervision and regulation of insurance sector in general and insurance companies and intermediaries in particular,” IRDA chief TS Vijayan said in a statement.

The enforcement powers are being strengthened in the proposed Insurance Laws (Amendment) Bill, Vijayan added.

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