The convention which will be presided over by Insurance Regulatory & Development Authority (IRDA) chairman N Ranagachary will finalise some of the draft regulations as prepared by IRDA pertaining to the different segments of the insurance industry.

After being finalised by the ICA, IRDA will notify the new regulations for their implementation by the industry. The next step of the IRDA will be to invite application from the prospective new players for granting license.Since its notification in April 22, the IRDA has worked overtime to prepare draft regulations for certain areas which are essential for opening of the industry.

Prominent among the draft regulations which will be finalised are the investment norms, accounting norms, percentage earmarking of the rural business for the new insurance companies, norms on different intermediaries including brokers, agents, actuaries and surveyors. The council will finalise the norms for the reinsurance market and setting up of a national reinsurance organisation.

Two other key issues meant for the development and regulating the insurance industry which will be finalised are the advertisement rules and basic criteria for setting up of a training centre for agents. Also in a bid to encourage the promotion of health insurance sector, IRDA is considering to relax the solvency norms for new health insurance players.

Under Section 64 va of Insurance Act, certain norms related to solvency of new entrants need to be fulfilled but in respect of health, IRDA is actively considering to give some concessions which will be finalised by the ICA.