i.The Insurance Regulatory and Development Authority of India (IRDAI) approved the amendments to rules registering insurance companies and investing in them.
ii.This decision has been taken to promote ease of doing business and to simplify the process of setting up an insurance company in India.
iii.It aims to enable policyholders, insurers and merchants to provide ‘insurance for everyone by 2047’.
iv.A Private equity (PE) funds can now directly put in money in insurance companies, and investment by them through special purpose vehicles (SPVs) has been made optional.
About Insurance Regulatory and Development Authority of India (IRDAI):
Chairperson – Debasish Panda
Headquarters – Hyderabad, Telangana
Establishment – 1999 (Incorporated on 1st April 2000)