In an attempt to cut red tape and improve efficiency, India’s apex regulatory body for insurance – IRDAI is in the process of opening a regional office in Mumbai, often dubbed as the nation’s financial capital. The new office will be inaugurated on 1st October by IRDA Chairman TS Vijayan and will be located in the Royal Insurance building, Churchgate.
Hyderabad headquartered IRDAI also established a regional office in Delhi, which was set-up in January last year and is headed by a Joint Director-level officer. In addition to taking up activities related to the benefit of consumers, the soon to-be inaugurated regional centre will also be responsible for granting /renewing / modifying licenses of Surveyors and Loss Assessors.
The move has been welcomed by the players in the insurance sector as they will not have to travel to Hyderabad frequently for seeking regulatory approval, which will also enable them to save money on cost of operations.
O.N. Singh, Chairman of Universal Sompo General Insurance said, “A regulator is bringing itself closer to the market. It will definitely help give a boost to business development to those insurers having their corporate offices in Mumbai. Many insurers will now have better access to regulator for any regulatory clarification or guidance’’.
Interestingly, Deshmukh-led Maharashtra government had bid to host the IRDAI headquarters way back in 2000 offering free land but was piped by the tech-savvy Chandrababu Naidu, who was the Chief Minister of united Andhra Pradesh during the same period.
