As of late, the IRDAI had renamed its Inspection Department as Supervision Department.
“The Chairman had a meeting of officials. He said the term Inspection Department helps that to remember the permit licence and hence the name was changed to Supervision Department,” a senior IRDAI official told IANS on the state of anonymity.
It might not be like the old wine in a new bottle given the initial views shared by Panda with the staff, the Official said.
According to the official, Panda had urged the Official’s to be industry friendly and the expense of compliance is going down.
Panda, a previous Secretary in the Department of Financial Services, told the IRDAI authorities that raising unnecessary questions, seeking clarifications actually adds expenses to the insurers who have invested hundreds of crores of money, the authority said.