Will detariffing unduly benefit large insurance companies that have deep pockets?
So far, the insurance companies operating in India [ Images ] have a capital base of over Rs 100 crore (Rs 1 billion). They are strong companies and will be able to compete with each other. How many new companies are in the pipeline? We have eight public sector general insurance companies. Besides, the Shriram Group has intimated us that it is interested in setting up a general insurance company. Why does Irda want more regulatory powers? It is not the regulator that wants more powers. The Insurance Act is under consideration for amendment. This Act is a 1938 legislation. Some of the clauses have become redundant and some have to be updated to meet the current reality. Today, there are a number of details in the Act that can go to the regulator. It gives the impression that this amounts to giving more regulatory powers to the regulator. But that is not the case. Instead of implementing the provisions of the Act, the regulator will be implementing the regulatory provisions. And the regu
