“Depending upon the potential and the protection gap (in states), we are trying to create a state insurance plan with equal partnership of state governments in this effort, helping us in our objective of achieving insurance for all by 2047,” he added at a Confederation of Indian Industry event in New Delhi.
Panda said Irdai is also looking to bring down the number of regulations for insurance players and promote innovation in the sector to ensure the availability, accessibility, and affordability of insurance products.
Panda said the regulator is making efforts towards building a reinsurance landscape that will enable India to become a global reinsurance hub.
“We are also working with the councils of both life and general insurance to have a Unified Payments Interface-like moment for the insurance sector. A conceptual framework has been contemplated,” he said, adding this is being proposed through the Bima trinity — Bima Sugam, Bima Vistar, and the women-centric Bima Vahak.
“We have also recommended that currently the intermediaries or distributors are required to come and renew their licence of registration every two years. So we have requested that a one-time registration or a perpetual licence be provided,” he said.
“One of them (pain points) we have recently removed is that there was an additional layer of solvency requirements, which we have removed now. So from our side, I think we have done whatever we thought was appropriate. But I am absolutely open to any more suggestions, which will help this market grow and also help our infrastructure grow in this country,” he added.