New Delhi, April 30 -- The insurance sector requires deregulation in some areas and stronger regulation in others. However, deregulation does not mean laissez-faire," said Ajay Seth, chairman of the Insurance Regulatory and Development Authority of India (Irdai).

In an interaction with Mint, he outlined the regulator's approach to balancing sector liberalization with consumer protection, amid proposed reforms such as the Sabka Bima Sabki Raksha Act.

He discussed foreign participation, regulatory safeguards, challenges in health insurance, global risks, and new initiatives such as the Public Insurance Registry and the Bima Sugam platform. Edited excerpts:

The opening of the sector to 100% FDI, along with an amendment to the insurance ru...