The government is examining a sector-specific insolvency framework for insurance companies under the Insolvency and Bankruptcy Code (IBC), similar to the one for the real estate sector. Additional protection for insurance policyholders may be a key feature of the framework. Besides, the proposed changes might also clearly define the respective roles of the Insurance Regulatory and Development Authority of India (IRDAI), the insolvency regulator IBBI and the adjudicators — NCLT and NCLAT— for bankruptcy settlement in the sector. However, insurance policyholders may not necessarily receive rights equivalent to homebuyers in the real estate insolvency regime.