"We had two meetings with the SEBI and couple of more is required (to decide on final guideline on IPO)," IRDA Chairman J Hari Narayan said at a CII event."If I take optimistic frame probably by October, he said, when asked by when guidelines would be finalised.

There are 22 life insurance firms and 21 non-life insurance companies operating in the country currently.

To facilitate fair valuation of an insurance firm, the regulator is likely to come out with guidelines over the next 15 days.

"Guidance note on valuation has to come from the Institute of Actuaries and this is likely to come in the next 10-15 days."

These will standardize the norms for calculation of embedded value of the companies, he said, adding, once the institute comes out with guidance note then insurance companies have to follow.

IRDA is also working on disclosure norms for insurance companies that will work in the larger interest of the public, he said. Asked whether disclosure norms would come before IPO guidelines, he replied saying "that should seem very logical way of doing it."

He said, "There are two things, one is disclosure for IPO what is called draft red herring prospectus and the other is the disclosure on the systematic basis by listed companies for example their balance sheet details, quarterly or semi-annual disclosure."