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Bima Vistaar is a composite insurance policy offering life, health, accident and property coverage, primarily targeted at rural India. Vistaar, along with Bima Sugam, the online insurance marketplace and Bima Vaahak, the distribution channel, could transform insurance in India.
The Insurance Regulatory and Development Authority of India (IRDAI) is considering measures to enhance governance in the insurance sector. One proposal involves requiring prior approval from IRDAI for the appointment of insurance chairmen, aligning with practices in the banking sector. The regulator is also exploring the establishment of mandatory committees, including an Asset-Liability and Ethics Committee, and a board-approved Environmental, Social, and Governance (ESG) and Climate Risk Framework.