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Thomas has been with the general insurance industry for over 35 years in roles spanning management of direct and reinsurance underwriting, loss adjustment and broking across the Indian and Middle East insurance markets.
It is estimated that approximately Rs 1,400 crores will be unlocked and General insurers may use this opportunity to optimize this freed up capital in a way which leads to increased insurance penetration in India, it added.
Recently on June 10, IRDAI had reduced the number of off-line returns being submitted by Life Insurers from forty to only four whereas the number of online returns would come down from eight to five. Further, three separate certification requirements have also been consolidated into one.
IRDAI’s Open House is intended to invite suggestions from all the regulated entities for achieving the overall objective of increasing insurance penetration in the country and to work towards resolution of impediments hindering the process.
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