Insurance Regulatory and Development Authority (Irda) would soon announce disclosure norms for insurers wanting to raise money from the capital markets.

"Soon we will come out with something," J Hari Narayan, chairman of Irda, said. He was replying to a question on the disclosure norms for insurance companies seeking listing on stock exchanges.

Narayan said Irda was also framing the guidelines for merger and acquisition of insurance companies to facilitate consolidation in the sector.

Irda is working with market regulator Securities and Exchange Board of India (Sebi) on a set of disclosure norms for insurance companies.

According to the listing guidelines of Sebi, the companies wanting to raise funds from public are required to make various disclosures in the draft red herring prospectus (DR-HP) before hitting the capital market.

A joint working group of the representatives of Irda and Sebi is working out the disclosure norms for the insurance companies across the country.

As many as 43 insurance companies, including government-owned Life Insurance Corporation, are operating in the country.

A bill is pending in the Parliament to raise foreign direct investment (FDI) cap in the insurance sector from present 26 per cent to 49 per cent.