IRDAI Composite Licensing & 100% Insurance Intermediary FDI

Source: Financial Express / IRDAI Circulars

IRDAIInsurance LawFDIComposite License

The Insurance Amendment deliberations proposed permitting 'Composite Insurance Licences' allowing a single insurer to underwrite both Life and General (Health/Motor/Property) policies, breaking the historical statutory firewall under the Insurance Act, 1938.

Current insurance sector FDI limit is 74% under automatic route for insurance companies (100% for insurance intermediaries/brokers).
IRDAI (established under IRDA Act 1999 pursuant to Malhotra Committee recommendations) aims at 'Insurance for All by 2047'.
Key statutory solvency margin: Insurers must maintain a minimum solvency ratio of 1.50 (150%) to safeguard policyholder claim obligations.
Micro-insurance & Parametric crop coverage: Enhanced distribution through micro-finance institutions and rural post offices.

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The statutory body established to protect policyholder interests and regulate insurance business in India is:

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