Problem insurers may face management shakeup and even company liquidation in an imminent sweeping insurance overhaul in lockstep with the current banking-sector reforms, officials say.
Under a new law in the making, any insurance con-man will get caught and punished.
The draft Insurer Resolution Ordinance 2025 is set to take a concrete shape as the Insurance Development and Regulatory Authority (IDRA) has convened a crucial meeting with all key stakeholders for Tuesday to finalise the draft.
Stakeholders from both life and non-life insurance companies are expected to attend the meeting, which will be presided over by IDRA Chairman Dr Aslam Alam, according to officials.
A letter obtained by The Financial Express states that…