companies will be allowed to invest their funds in swap
and other derivative products. The Insurance Regulatory
and Development Authority (IRDA) is considering making
amendments to the investment regulations to pave way for
We are considering
derivatives and swaps as additional methods of investments.
We will announce amendments to the investment norms for
the purpose, says IRDA chairman N Rangachary.
the first set of insurance brokers should be in operation
by November 2002. According to the programme charted
out by the IRDA, brokers regulation and those relating
to corporate agencies are to be issued by the end of September
2002, after which the applications will be invited.
He says no changes
are likely to be incorporated in the draft regulations
brokers that the IRDA had put up on its website for comments.