Industry officials told IANS preferring anonymity that the brand new Chairman of the Insurance Regulatory and Development Authority of India (IRDAI) Debasish Panda at his ending up in the sectoral officials had said the two Councils ought to turn vibrant.
Similarly, the Institute of Insurance and Risk Management (IIRM) also needs to be part of the industry rather than that of the regulator.
The consultancy cost would be shared by both the Councils.
“How the cost would be shared by the members of the Councils-insurers- must be seen. Whether it might be shared in the ratio of their gross premium or equally will have to be decided,” a senior industry official told IANS.
Already several groups have been formed in the life/non-life/reinsurance to review the existing regulations and turn out with advice on them.