Insurance regulator hosts fourth edition of Bima Manthan, talks about 'Insurance for All by 2047'

One noteworthy aspect was the focus on the State Insurance Plan (SIP), designed to expand insurance access across states and Union Territories. The detailed deliberations underscored the importance of SIP as a major enabler in reaching underserved populations.

Additionally, participants delved into the progress made towards the implementation of Risk Based Capital Framework (RBC), Risk Based Supervision Framework (RBSF), and International Financial Reporting Standards (IFRS). The industry exhibited strong enthusiasm and commitment to transitioning into a future-ready, principle-based architecture.

Emphasis was also placed on ensuring the availability, accessibility, and affordability of insurance. In this context, discussions explored the need for diverse insurance products to cater to dynamic requirements and the importance of expanding the geographical presence of insurance companies while enhancing distribution strategies.

The CEOs of Micro Finance Institutions Network (MFIN) and Sa-Dhan, the Self-Regulatory Organizations registered with Reserve Bank of India (RBI) also interacted with the insurance industry offering perspective on financial inclusion, micro insurance and focused on synergies that can be shared between the wide network of MFIs, NBFC, SFBs, etc. and insurance industry.

They also threw light upon the market they cater to and the ways in which insurers can harness it to increase insurance penetration in the country.

The meeting reaffirmed the collective commitment of the insurance and reinsurance sector to advancing the industry's standards, promoting innovation, and ensuring that insurance remains a vital tool for risk mitigation and financial security.