The United States Agency for International Development will provide a $10 million technical aid for development of Indian insurance sector over the next four years.
Bearing Point, formerly known as KPMG Consulting, was awarded the contract on May 27, 2003 to implement the programme of technical assistance along with Insurance Regulatory and Development Authority of India, a US embassy statement said.
Bearing Point has set up a project office in Hyderabad to maximise its interaction with the IRDA, which is also based there.
The US assistance will help IRDA to build institutional capacity in the areas of solvency and market supervision, promote an enabling policy, and build regulatory and institutional environment for the development of the health insurance system.
It will also help in developing key professions associated with the insurance sector.
This will also help to develop comprehensive database on insurance, such as health insurance, non-life and life insurance.
The icontract has been awarded under USAID-India's Financial Institutions Reform and Expansion Project, which supports the Government of India's effort to revamp the country's financial markets.
