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India: IRDAI working on regulations to support Ordinance

Source: Asia Insurance Review | Mar 2015

The Insurance Regulatory and Development Authority of India (IRDAI) is currently working on replacing or amending 40 regulations for the insurance industry on the back of the Government promulgating the Insurance Laws (Amendment) Ordinance in December 2014. 
The regulator will have to draft a new set of regulations as per provisions of the ordinance. The ordinance will allow global reinsurance companies to open branches in India and has given more freedom to insurance companies to appoint agents and also put corporate agents into the intermediary space.
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