KEY REGULATORY CONSIDERATIONS FOR UNDERTAKING M&A IN INDIAN INSURANCE SECTOR IN 2023
In 2023, the Indian insurance sector is expected to witness considerable changes in line with IRDAI’s vision of ‘Insurance for All’ by 2047. IRDAI, under its new chairperson, has been steadfastly introducing changes to strengthen the insurance ecosystem. In this process, IRDAI has also removed several roadblocks that hamstrung M&A activity. In the recent past, we have seen introduction of several reforms aimed to: (a) facilitate ease of doing business in the insurance sector; (b) align regulatory architecture with market dynamics; (c) boost technology and innovation; and (d) encourage competition and distribution efficiencies.