The Insurance Regulatory and Development Authority (Irda) on Friday said it was time to have a relook at the country’s insurance sector, particularly in the light of a significant downturn and 15 per cent “degrowth" the industry registered in December last year.

“Soul searching takes place when there is a crisis," Irda Chairman J Hari Narayan said in Hyderabad, pointing out that the authority had last year constituted six committees to look into different aspects of the regulatory architecture in India.