Chennai, Jan. 29 -- The Indian insurance sector is undergoing a significant transformation, driven by the vision of 'Insurance for All by 2047'. The Economic Survey highlighted that the Insurance Regulatory Development Authority of India (IRDAI) has transitioned towards a principle-based framework that consolidates regulations, reduces compliance burdens, and provides insurers with greater flexibility to innovate.
Meanwhile, the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) represents its commitment to digitising the insurance ecosystem and democratising coverage. Finance Minister Nirmala Sitharama presented the Survey in the Parliament today.
The Survey further states that structural shifts are evident in the 'non-life' insurance...