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The insurance industry, which has been hit by money laundering allegations, is looking for the revival of the economy for a pick up as elusive political consensus continues to hold up the raising of foreign investment limit in the sector.
Lack of political consensus kept the long pending Insurance Bill a pipe-dream in a year that saw allegations of money laundering being levelled against some operators, an increase in investment exposure and the industry's continuous fight against the slowdown.
It expects that the regulatory moves to allow banks to act as insurance brokers in 2014 may give a leg up to growth.
Sectoral regulator Insurance and Regulatory Development Authority (Irda), however, may not issue any more major regulatory guidelines in the coming year.
"Currently we have sort of reached a plateau on regulation making and we are looking for implementation of these in true spirit especially about the TPAs and how the customer is treated. All most all regulations are in place," Irda Chairman T S Vijayan said.
The government, despite putting much effort to get the Insurance Bill that seeks to raise foreign investment limit to 49 per cent from the existing 26 per cent, might gather support of the opposition.
Lack of political consensus kept the long pending Insurance Bill a pipe-dream in a year that saw allegations of money laundering being levelled against some operators, an increase in investment exposure and the industry's continuous fight against the slowdown.
It expects that the regulatory moves to allow banks to act as insurance brokers in 2014 may give a leg up to growth.
Sectoral regulator Insurance and Regulatory Development Authority (Irda), however, may not issue any more major regulatory guidelines in the coming year.
"Currently we have sort of reached a plateau on regulation making and we are looking for implementation of these in true spirit especially about the TPAs and how the customer is treated. All most all regulations are in place," Irda Chairman T S Vijayan said.
The government, despite putting much effort to get the Insurance Bill that seeks to raise foreign investment limit to 49 per cent from the existing 26 per cent, might gather support of the opposition.
