Indian insurance regulator adopts industry software for product vetting
The Indian insurance regulator is ramping up its product approval process, after adopting the same pricing software as its insurers – and the signs are that more Asian regulators may follow this trailblazer.
India's Insurance Regulatory and Development Authority (IRDA) has sought to improve the way insurance products get approved in the country by becoming what is believed to be the first regulator globally to adopt the same pricing software as its insurers.
The Indian insurance regulator licensed SunGard's iWorks Prophet software, an actuarial software system, late last year and has now developed stress-testing procedures around the platform. SunGard says it is having discussions with similar
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