Ms Shubhangi Pathak

Shubhangi Pathak



Account aggregators: financial information sharing framework
India | 16 July 2019

The account aggregator ecosystem was introduced to solve the problems of data portability in the insurance sector, among others. However, the question of whether the business model is viable will largely hinge on the successful implementation of the consent architecture envisaged under the Master Directions Non-Banking Financial Company – Account Aggregator (Reserve Bank) Directions and the terms of the contractual arrangements which are entered into with the various regulated entities.

Draft guidelines address conflict of interest situations
India | 18 June 2019

The Insurance Regulatory and Development Authority recently issued the Exposure Draft on Insurance Regulatory and Development Authority of India (Conflict of Interest) Guidelines 2019, which seek to provide guidance on the conflicts of interest that arise between insurers and other insurance companies or intermediaries which have the same directors.

Aadhaar Bill: impact on insurance sector
India | 05 March 2019

The Aadhaar and Other Laws (Amendment) Bill 2018 was recently passed in the Lok Sabha. The new bill has been welcomed as it provides much-needed clarity regarding the use and storage of Aadhaar numbers. The Insurance Regulatory and Development Authority has taken the bill's enactment as a cue to start providing clarity on the collection and storage of customers' Aadhaar data. It is hoped that the bill will be enacted quickly, as it is unenforceable in its present form.

Amalgamations and transfers in insurance sector
India | 31 July 2018

In recent years, the Indian insurance sector has been abuzz with the news of new players looking to acquire stakes in insurers and insurance intermediaries. While the Insurance Act 1938 provides for the manner in which insurers may carry out amalgamations and transfers of insurance business, the regulations governing the amalgamation or transfer of an insurance intermediary's business remain scattered and, in some cases, non-existent.

Insurance web aggregation channel – significance of recent regulatory changes
India | 29 May 2018

The Insurance Regulatory and Development Authority of India (IRDAI) recently released the IRDAI (Insurance Brokers) Regulations 2018 to revise the norms governing the establishment and operation of insurance brokers in India. The regulations have introduced a myriad of changes which largely appear to bring parity between the norms applicable to insurance brokers and web aggregators, particularly with respect to solicitation through online, telemarketing and distance marketing modes.

New guidelines on investment by private equity funds in insurers
India | 02 January 2018

The Insurance Regulatory and Development Authority of India (IRDAI) has recently been receiving requests to allow private equity funds to acquire a majority stake in Indian insurers. In response to such requests from private equity funds, venture funds and alternate investment funds, the IRDAI released new guidelines to facilitate and regulate private equity funds' investment in insurers as investors and promoters.

Insurance regulatory bodies object to new bankruptcy bill
India | 28 November 2017

The draft Financial Resolution and Deposit Insurance Bill 2017 has recently attracted significant attention. This is mainly due to the objections raised by the Insurance Regulatory and Development Authority of India (IRDAI), among other parties. Although the exact nature of the IRDAI's objections to the bill are unclear, a balance may need to be struck between the powers of the existing sectoral regulators and the proposed Resolution Corporation.

Listing of Indian insurers: move to be IPO ready
India | 07 November 2017

As the Indian insurance market develops and matures further, Indian insurers and insurance intermediaries will aim to introduce public issues and list on recognised stock exchanges in order to raise more funds from the public and provide liquidity to their existing shareholders. Companies looking to be initial public offering ready should focus on ensuring optimum regulatory compliance and rectifying any identified compliance issues, which will go a long way in simplifying the process of listing.

New guidelines legitimise distribution of insurance by automobile dealers
India | 17 October 2017

The Insurance Regulatory and Development Authority of India recently notified the Motor Insurance Service Providers Guidelines to identify and regulate the role of automobile dealers in distributing and servicing motor insurance products. This move to recognise the role of automobile dealers gives legitimacy to existing practices of solicitation and servicing of motor insurance.

New corporate governance guidelines for insurers
India | 28 June 2016

The Insurance Regulatory and Development Authority of India recently replaced the 2009 corporate governance guidelines with the Guidelines for Corporate Governance for Insurers in India. The 2016 guidelines seek to incorporate relevant changes introduced by the Companies Act and consider other relevant changes in the insurance sector in order to provide an appropriate corporate governance regime for Indian insurers.