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GUJARAT MAP : AGRICULTURE

GUJARAT MAP : AGRICULTURE 

IRDA over the last decade has brought into force a number of regulations which are well conceived. They have received wide spread appreciation. The recent decision of IRDA to move to a free tariff regime for several general insurance products is welcome. The prescription of tariff is contrary to market principles and insurance products need to be priced based on market forces.

The reform of the insurance sector is part of the overall economic reform process that is underway. The basic philosophy underlying the new economic policy is to improve the productivity and efficiency of the system. This is sought to be achieved partly by creating a more competitive environment. The growth of the real economy depends upon the efficiency of the financial sector. A greater element of competition is being injected into the financial system as well.

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All regulators need to keep in mind that there is a fine distinction between regulations and controls. Regulations lay down norms while controls have a propensity to micromanage institutions. Regulators must take care to ensure that regulations do not slide into controls.

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