The Insurance Regulatory Development Authority (IRDA) will come out with guidelines on various aspects of re-insurance in a couple of months, according to its Chairman J. Hari Narayan.
Talking to reporters on Tuesday after participating in the convocation of Institute of Insurance and Risk Management (IIRM) here, he said the regulatory body's focus would be on streamlining re-insurance segment.
It was also planning to introduce shortly electronic platform for transactions and settlement system in re-insurance.
Replying to a question, he said so far 65 Unit-Linked Insurance Plan (ULIP) products were cleared and that approvals have been accorded to all pending products. All products have been designed taking into account the changing needs.
He said there was no response yet from Securities and Exchange Board of India (SEBI) on the draft guidelines sent by IRDA on initial public offerings (IPOs) for insurance companies.
Vepa Kamesam, Managing Director of IIRM, said that notwithstanding the continued slowdown, 48 of the 69 PG Diploma holders got placements in banks, insurance and IT companies on an annual salary ranging from Rs.3 lakh to Rs.7.50 lakh.Sanjaya Baru, Editor, Business Standard, delivered the convocation address.
