There is complete regulatory oversight on LIC: IRDA

India Infoline News Service | Mumbai |

Regulatory oversight of LIC is comprehensive to the extent that it requires monitoring both prudential and market conduct operations of LIC, IRDA says

The Insurance Regulatory and Development Authority (IRDA) on Thursday said that there was complete oversight on government owned Life Insurance Corp of India (LIC) with regard to both market conduct and prudential regulations.

Recently, International Monetary Fund (IMF) in its report said: "The current uncertainty regarding Irda's control of its funding and budget, its incomplete oversight of LIC, and the reserve powers of the central government to direct its activities all potentially detract from the supervisor's powers and independence."

Responding to the IMF report, IRDA Chairman TS Vijayan said that the regulatory oversight of LIC is quite comprehensive to the extent that it requires monitoring both prudential and market conduct operations of LIC.

Although the LIC Act excludes the applicability of certain provisions of Insurance Act, 1938, there is no dilution on the regulatory oversight on the life insurer, IRDA chairman added.

 

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