ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Liberalisation and Rural Insurance

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I have read with interest the article, 'Development Agenda for Insurance Regulation' by Niranjan Pant (March 4). Here are a few comments.

The Malhotra Committee had at various chapters made a forceful plea for the new entrants to transact a specified percentage of rural insurance and non-traditional business. It was thoughtful, therefore, of parliament to have empowered the IRDA to specify the percentage of the rural or social sector business. In the case of LIC, the share of rural business to total new business for the year ended March 31, 1999 was 54.7 per cent in terms of number of policies sold and 47 per cent in terms of sum assured. Even more significant is the fact that in the last five years these percentages have been going up year after year. The record is significant indeed. Of course, much more could have been achieved.

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