Reports claim that Tokio Marine, Sompo, Mitsui Sumitomo, and Aioi Nissay Dowa conspired to offer fire insurance premiums which were significantly different from past policies.
The proposed changes relate to internal capital adequacy assessment and actuarial matters, but are technical clarifications and do not present a material change in policy.
Debasish Panda told Bloomberg that the IRDAI is looking into further law amendments including capital requirements, registrations, and value-added services.