Insurance watchdog to issue norms on corporate governance this month

Insurance Regulatory and Development Authority of India (<g data-gr-id="14">IRDAI</g>) will issue corporate governance norms this month to address issues such as management control of insurance companies among other things, its chairman T S Vijayan said here on Thursday. “We are issuing corporate governance guidelines in October and this will also include issues of management control,” Vijayan told reporters here. Regulation for reinsurance companies will also be out this month. About seven foreign companies may open their branches here, he said. In its ongoing efforts to streamline the sector, <g data-gr-id="15">IRDAI</g> is also regulating the expenses of management of insurance companies and proposing price revision based on the claim ratio, Vijayan said. “The accounting regulation will also come shortly. We will ask the companies to state their accounts segment wise with the premium, claim, and expenses for the segment in that segment,” he said while addressing the industry at a conference.