New Delhi: The Insurance Regulatory and Development Authority (IRDA) will issue final guidelines governing initial public offerings (IPOs) of insurance companies by the this month end, regulatory authority chairman J. Harinarayan said Monday. This is essential as the investors need to be fully aware of the financial performance, company profile, risk exposure, corporate governance system in place and the management of insurance companies taking the IPO route to raise funds, IRDA chairman Harinarayan said at a conference organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) here. He said the regulatory authority would also give its report on the Insurance Law (Amendment Bill) 2008 by the end of April. The bill, when enacted into law, would allow greater flexibility to the insurance regulator and aim at consolidating the gains and deepen insurance penetration and density in the country, he said. "The changes in the regulatory environment being contemplated will not bring in more regulation, but better regulation of the insurance sector with a view to widening and deepening the market," Harinarayan said after inaugurating FICCI's 14th conference on insurance. On growth of insurance industry, he said annuity products would be in great demand in the coming years. An annuity is a long-term retirement savings vehicle issued by a life insurance company designed to help accumulate funds and provide a steady stream of retirement income. Harinarayan said a major challenge behind the insurance industry was to leverage the strength of 80,000 bank branches in selling insurance products.