IRDA to stick to Nov 1 deadline on disclosure norms

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New Delhi: Insurance regulator IRDA today said that it would stick to November 1 deadline to bring out guidelines for public disclosures to be made by insurance companies.

“There is no going back on this issue. We would stick to the deadline,” Insurance Regulatory and Development Authority (IRDA) member R Kannan told PTI.

Earlier this month, IRDA came out with a draft outlining the public disclosures to be made by insurance companies and proposed to unveil the guidelines related to the same on November 1. These norms would be effective from that date.

It had asked various stakeholders in the insurance sector such as agents, brokers, analysts, rating agencies and the media, for their remarks on the draft before October 25.

The insurers, both life and non-life, have to make their balance sheets public apart from disclosing data related to premium, commission expenses, operating expenses, on annual, half yearly and quarterly basis, according to the draft.

However, some insurers have sought more time to compile all the details, saying that the information need to be disclosed on a quarterly basis in the prescribed format.

IRDA has said that it would listen to their problems and would address the issue.