New norms for micro insurance by this fiscal: IRDA

India Infoline News Service | Mumbai |

The guidelines would also focus on the distribution channels that can be adopted by insurers to help penetration of the product in remote areas

The Insurance Regulatory and Development Authority (IRDA) said that it will come up with new regulations in the micro-insurance sector in two to three months.

The regulator had asked insurers to design up to four-five new micro-insurance products which will be cost effective, and at the same time provide better returns to investors, Sudhin Roy Chowdhury, Member (life), IRDA, said.

Mr Chowdhury was speaking at a seminar organised by the Bengal Chamber of Commerce and Industry on the Indian insurance industry in Kolkata today.

The guidelines would also focus on the distribution channels that can be adopted by insurers to help penetration of the product in remote areas, he added.
 

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