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Irdai eases firm registration process from 8 to 2 months: Chairman

"Thereby, we are moving from a rule-based regulatory regime to a principle-based one," Panda said

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The insurance industry is poised to grow at an accelerated pace. Insurance premiums as a percentage of gross domestic product (GDP) have doubled in the past 10 years

Subrata Panda Mumbai
The registration process of new companies has been eased by substantially reducing the time taken to process new applications from 6-8 months to two, Debasish Panda, chairman, Insurance Regulatory and Development Authority of India (Irdai) said on Wednesday.

The regulator has created a facilitation cell consisting of two officers for handholding the applicants so that the entity gets its approval to start its operations. “We have put up a guidance document to make it easier for new applicant so that there is room for an additional query,” Panda said speaking at a CII event.

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