The Insurance Regulatory and Development Authority (IRDA) will continue to regulate pension schemes offered by insurance companies, said IRDA Chairman J. Harinarayan.
The statement assumes significance in the wake of reports that the Pension Fund Regulatory and Development Authority (PFRDA) has been making efforts to bring pension schemes of insurance companies under its fold.
A revised PFRDA bill was tabled in Parliament during the last budget session, according to which it will regulate pension products under the new pension scheme.
Mr. Harinarayan said pension schemes handled by insurance companies had dipped from 25 per cent to about 17-18 per cent.
Currently, Rs.36,000 crore worth of pensions were being handled by the companies, Mr. Harinarayan told presspersons on the sidelines of a three-day summit on ‘Transforming Healthcare with IT 2011', here.