IRDA asked to relax branch opening rules in rural areas
India's government has asked the country's insurance regulator to be more lenient when applying branch opening norms in rural areas in the hope that the presence of more insurance firms will increase insurance penetration.
India has 23 life and 24 non-life insurers, but the penetration of life policies is only 4.4% while non-life is even lower at 0.7%.
Insurance firms need prior approval from the Insurance Regulatory
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