Business Daily from THE HINDU group of publications
Wednesday, Jul 05, 2006
Business Daily from THE HINDU group of publications Wednesday, Jul 05, 2006 |
|
|
|
|
|
|
|
Money & Banking
-
Regulatory Bodies & Rulings IRDA panel on investment norms Our Bureau
Hyderabad , July 4 The Insurance Regulatory and Development Authority (IRDA) has decided to form a working group to examine the existing investment regulations and to review comprehensively the current statutory prescriptions and pattern of investments for insurance companies. In the light of the experience gained and developments in financial markets and also taking into account the genuine constraints being faced by the insurance companies, the regulator has sought suggestions from the working group.
Recommendation
The IRDA (Investment) Regulations 2000 were modified partially in 2004. The KPN Committee on amendments to Insurance Act, 1938, has also recommended a re-look at the statutory provisions on the pattern of investments and suggested amendments that would provide flexibility to the authority in the manner of regulation on investments of insurers. The regulator has felt the need to examine developing appropriate regulatory framework in view of the expansion of financial sector and introduction of new financial instruments and requests for investment in such instruments and derivatives.
Group's functions
The working group, to be chaired by the IRDA member, Mr C.R. Muralidharan, would also look into the structure of the prescribed returns and suggest modifications as may be considered necessary, the Authority said in a notice. The working group comprises the RBI CGM, Mr G. Mahalingam, the LIC Executive Director, Mr Subhoban Sarkar, the ICICI Prudential Life Executive Director, Mr N.S. Kannan, the Kotak Mahindra Life CFO, Mr G. Muralidhar, the Aviva Life Chief Investment Officer, Mr Anuj Mathur, the United India Insurance Manager, Mr N.V. Murali, the Cholamandalam MS General Insurance COO, Mr S.S. Gopalarathnam, and the Partner of M.P. Chitale & Company Chartered Accountants, Mr Viraj Londa.
More Stories on : Regulatory Bodies & Rulings | Insurance
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2006, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|