......A finance ministry official said the proposed advisor might be appointed from the next financial year if the premium collection does not improve in the last quarter. “It is one of the possible ideas we are working on. He/she will directly report to the government and assist the regulator with policy decisions,” he added. However, the advisor will remain outside the board. This is because the board already has a government nominee. Also, induction of an additional board member will necessitate an amendment to the Irda Act, 1999. “At least to start with, the advisor will be outside the board, because amending the Act is a cumbersome process,” the official said. “The main idea is to bridge the gap between the ministry and the regulator.”..........
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