New Delhi, Aug. 7 -- Falgging the declining market share of public sector insurers, Parliamentary Committee on Public Undertakings (CoPU) called on the Insurance Regulatory and Development Authority of India (IRDAI) to fast-track the implementation of the Risk-Based Capital (RBC) framework and also recommended the government to examine GST rationalisation to boost insurance pentration across the country, as per a report tabled on August 6.

The Committee noted that the 18 per cent GST on insurance products has adversely affected affordability and insurance penetration. Thus, it "recommended that the Government examine GST rationalisation for health, term life, agricultural insurance and reinsurance products on priority, keeping in view th...