After some debate on its consultation paper, the Swarup committee submitted its final recommendations to the government on Wednesday.
Despite vehement opposition from the insurance industry, the committee has stuck to its guns and recommended the no-entry load structure for insurance products. This report will now be forwarded to the high level coordination committee of regulators (which had appointed the Swarup committee), which will decide how and if at all these recommendations are to be implemented.
The insurance regulator -IRDA-maintains that these recommendations are not in the industry’s best interest and has said it will do whatever it takes to ensure that the recommendations are not implemented.
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