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Govt notifies IRDA

Our Bureau

NEW DELHI, April 22

THE Government has notified the constitution of the Insurance Regulatory Development Authority (IRDA) to hasten the opening up of the insurance sector to private domestic and foreign investors.

The notification, to be placed before both Houses of Parliament on Monday, states that Mr. N. Rangachary will continue to be the IRDA Chairman, while Mr. Haris Ansari and Mr. H. O. Sonig have been appointed as whole-time members. The remaining three memb ers, other full-time members, and four part-time members are to be appointed by the end of the month.

Mr. Rangachary's term would be till June 2003.

With the notification of the IRDA, the rules and regulations for opening up of the insurance sector are finally in place and the first private insurance company with foreign participation is expected to be set up by October.