India: Main Recommendations
|IRDAI should formulate a strategy, plan, and timetable for modernization of the solvency framework as soon as possible.||IRDAI||High|
|IRDAI should move to a more risk-based framework for supervision.||IRDAI||High|
|IRDAI should review the adequacy of its resources in the light of the demands of a more risk-based approach, reconsider its reliance on staff on deputation from public sector insurers and consider changes in its organizational structure to support risk-based supervision.||IRDAI||Medium|
IRDAI should review aspects of its cross-border supervision.
IRDAI and the other members of the FSDC and the IRF should consider the extension of the scope of financial conglomerates regulation.
The government of India and IRDAI should review the requirements on minimum investment in infrastructure and the housing sector, to ensure that they do not conflict with IRDAI’s regulatory objectives.
|Government of India and IRDAI||Medium|
IRDAI and the government of India should continue with their current reforms of the motor insurance market.
|IRDAI and Government of India||High|
IRDAI and, as necessary, the government of India, should consider further measures to level the playing field for insurers in the limited areas where there are, or may be perceived to be, advantages for public sector insurers.
|IRDAI and Government of India||Medium|