IRDAI Chairman Debasish Panda on Thursday said the regulator is working on threepronged approach -- availability, accessibility and affordability -- to ensure ‘Insurance for All by 2047’. India will attain 100 years of independence by 2047 and Insurance Regulatory and Development Authority of India (IRDAI) has taken several steps in the last 10-12 months to enhance penetration and density of life cover plans. “We are also working with the councils of both life and general insurance to have a UPIlike moment for the insurance sector.
A conceptual framework has been contemplated," he said, adding that this is being proposed through the Bhima trinity — Bhima Sugam, Bhima Vistar, and the woman-centric BhimaVahak. Panda said IRDAI is moving from a rule-based approach to a principal-based approach, that the opportunity to invest in the insurance sector is immense given the size of the market, and low insurance penetration. Sharing some of the reforms undertaken in the last one year, Panda said the authority introduced use and file system, stopped micro mangement of expenses, a lot of prior approvals done away with and reduction in regulations. As many as 70-odd regulations have been repealed, 1,000-odd circulars have been done away with and rationalised 79 returns, he said.