Assessing the impact of amendments in the insurance sector

The Insurance Regulatory and Development of India (IRDAI) has recently implemented significant reforms to promote the ease of doing business, including an increase in the FDI ceiling for the industry, rationalisation of regulatory returns, and the implementation of a use and file system.

The use and file procedure is being introduced by the insurance regulator at a time when the Indian insurance market is struggling with several issues that are preventing the business from expanding and becoming more widely used.

Read more to learn about the new procedure, how it compares to the old one, and the impact it is likely to have.