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Dec 22, 2012
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Irda draft asks insurers to open new offices in semi-populated areas
Insurance Regulatory and Development Authority ( Irda) has released an exposure draft to regulate opening of new places by insurance companies. As per the draft, insurers who have completed 10 years of business have to ensure that at least 25 per cent of the proposed new places of business should be in places with population of 1,00,000 or below.
Irda, in the draft, has asked insurers to have in place the Board approved Business Expansion Programme for every financial year. "The Business Expansion Programme shall, in addition to the business plans of the Insurer,contain the proposals, if any, for opening new places of business taking into account the need for opening new places of business not only in the urban centers but also in semi-urban and rural centers," said Irda.
Source -
http://www.business-standard.com
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