Non-life insurance cos cannot function as PFMs, says Irda

The insurance industry regulator Irda has said no to the insurance companies who want to act as collecting units for the new pension scheme and has set stringent conditions for the life insurers which want to set pension fund subsidiary. Irda chairman, J Hari Narayan in a notification on Monday said the authority had examined the various legal and regulatory issues relating to insurance companies setting-up subsidiaries to take up operations as Pension Fund Managers (PFMs) and ) acting as Points of Presence( PoP), and it has been decided that presently life insurance companies may set-up fully owned subsidiaries to ...

More...