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June 12, 2015
India’s insurance regulator has asked the industry to make a concerted effort to rectify pricing anomalies by undertaking a scientific analysis of claims, so as to ensure adequate pricing.
Speaking at an insurance seminar earlier this week, Mr Suresh Mathur, Senior Joint Director of the Insurance Regulatory and Development Authority of India (IRDAI), said: ”We would be happy if the industry takes a look at this on its own though we monitor as a regulator.”
“It’s time the industry takes a serious view of the situation and brings a semblance of discipline and grace in the overall functioning of the insurance sector,” he said, according to the Press Trust of India. Insurers should also meet insurance penetration targets and broaden their servicing capabilities, he said.