IRDA to Evolve for Corporate Governance Norms for Insurance: Mr. Tarun Bajaj, Joint Secretary (Insurance & Banking)
In the meanwhile, Finance Ministry's
Joint Secretary Insurance & Banking, Mr. Tarun Bajaj
who was also present on ASSOCHAM Summit in presence of Mr. Bansal disclosed, "Insurance Regulatory Development Authority of India (IRDA) is evolving regulations to ensure fairer corporate governance in public and private insurance companies to best safe investments of lakhs of policy holders and stakeholders as none of these are listed and could be open to risks".
The Deptt. of Corporate Affairs must be reshaping role of independent directors for corporate India in general but the IRDA is evolving rules and regulations to put in fairer corporate governance practices in insurance sector as it is extremely vulnerable, said Mr. Bajaj
added that since none of insurance companies are listed with stock exchanges, possibilities of corporate risks could arise there and to ensure a halt in them, the regulator might unfold fairer corporate governance guidelines for insurance in future with many more new laws in place.
, however, clarified saying that although the government expects voluntary disclosure of corporate governance norms from insurance players in a very transparent manner.