Disclosure norms for insurers soon: IRDA

With few insurers showing interest in tapping the capital market, insurance regulator IRDA said on Wednesday it would come out with disclosure norms for initial public offerings by insurance companies next week.

"Disclosure norms for insurance coming out with initial public offer will come out next week," Insurance Regulatory and Development Authority chairman J Harinarayan told PTI.

Asked about the government's proposal which would mandate that companies can go for initial public offer after five years of operation thereby doing away with the earlier wait period of 10 years, he said, "It is the government that has to decide on it."

He further said there are few insurance companies which have shown interest for IPOs, IRDA is working with market regulator Securities and Exchange Board of India on finalisation of the Red Herring Prospectus requirements, Narayan said.

The whole route towards an IPO would have three milestones -- finalisation of the Red Herring Prospectus requirements, disclosure norms and valuation of insurance companies, he said.

He said the insurance watchdog has done its part on the valuation of the insurers and now it is with the Institute of Actuaries of India to issue guidelines on it.