IRDAI will adopt a principle-based regulatory regime and implement lighter regulations, going forward. Proposed amendments to insurance laws include rationalised capital requirements, composite registration, one-time registration for intermediaries, sale of other financial products and so on, IRDAI chairman Debasish Panda told Moneycontrol.
It would enable the entry of new players in the form of regional players, small players, captive players, specialised players and even composite licenses.