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Tuesday, August 7, 2012

IRDA to finalise whistleblower policy soon: Hari Narayan

In light of the recent ICICI Lombard controversy, the insurance regulator said that it will soon finalise the whistleblower norms akin to what the Reserve Bank of India has.

J. Hari Narayan, Chairman, Insurance Regulatory Development Authority, said that it will come out with the new exposure draft for investments for insurance companies in a couple of days. This was one of the key demands of some insurance companies.

The draft will contain guidelines for option on buying swaps and hedging operations.

IPO norms in a week

The regulator also said that it will unveil the guidelines on initial public offerings (IPOs) for non life insurance companies in about a week.

The IRDA Chairman also said that the regulatory body is considering giving a risk weighted assessment on assets and liabilities of insurance companies. This will help bring down the solvency margin below the present level of 150 per cent and provide more cushion to insurance companies.


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