irdai eases firm registration process from 8 to 2 months

irdai chairman, debasish panda has announced that irdai has been eased the registration process of new companies by reducing the time taken to process new applications from 8 to 2 months.

The regulator has created a facilitation cell consisting of two officers for handholding the applicants so that the entity gets its approval to start its operations.

According to irdai data, the insurance penetration in the country is at 4.2% as of 2021, which is higher than china.