New ROAD MAP BY IRDAI

[rahul jadhav]

Insurance Regulatory and Development Authority of India

Press Note

7th April 2022

The interactive sessions between the Insurance Regulatory and Development Authority of India (IRDAI) and the insurance industry were held during 6-7 April 2022 at Mumbai.

Mr. Debasish Panda Chairperson, IRDAI, presided over the sessions wherein CEOs and other key officials of all life, general, health insurers and reinsurers were present.

The sessions were held with an aim to identify steps that need to be taken in short, medium and long term to support healthy growth of insurance industry, rationalise regulatory framework, and reduce compliance burden. This is expected to lead to exponential increase in insurance penetration such that, when India celebrates 100 years of its independence in 2047, every Indian has appropriate life, health and property insurance cover and every enterprise is supported by appropriate insurance solutions.

Towards this objective, the following areas are identified in the existing legal/ regulatory architecture for review:

Creation of framework to enable new entities to enter insurance market in India with special outreach to global investors for enhancing FDI into the country 

Facilitate entry of captive insurers, standalone micro insurers, niche players, regional entities into insurance space

Dispensing with renewal of registration for insurance intermediaries

Explore launch of Bima Mitra on the lines of Bank Mitra to enlarge the scope of distribution with aim to bringing insurance to every doorstep 

Introduction of new channels of distribution and widening of scope of existing distribution channels with aim to ensuring widespread availability of insurance products

Facilitating data analytics for identifying gaps in insurance coverage and assess market needs and embracing emerging technologies to improve efficiencies in delivery of insurance services by the insurance companies

Helping enhance technical competencies of insurance agents and field force of the insurers 

Moving insurance supervision towards outcome based and technology driven that is aligned with international standards

Reducing compliance burden on regulated entities by rationalizing regulatory framework

Moving towards product certification by insurers wherein broad principles laid down by IRDAI will be adhered to by insurers while designing products. 

Rationalization of investment norms applicable to insurers 

Facilitate lowering operating costs and reviewing commission/ remuneration structure of insurance products with aim of reducing costs to policyholder

Speeding up other regulatory approvals with defined TATs

Allowing allied and value added services by insurers 

Revamping existing policyholder grievance redressal systems with emphasis on understanding customer pain-points, root cause analysis and corrective action

Reviewing effectiveness of existing insurance ombudsman system 

Taking up insurance awareness campaigns including customer surveys to gauge needs, satisfaction levels and to identify problem areas

Leveraging social media / multimedia effectively towards insurance awareness

Interaction of insurance regulator with insurance industry once in two months to discuss progress made towards insurance penetration and policyholder welfare

Open House to be held at IRDAI HQ on 15th of every month to invite suggestions for increasing insurance penetration.

It's learnt that Regulator  didn't called  IIISLA for this two days important sessions as they don't think it's an important stake holders in the insurance industry, tall claims by present leaders seems to be eyewash only .

Er Rahul Jadhav 

[Debashis Karmakar]

Dear All,

Who doesn't the facts and only with the nature of blind following, can write this in response of present write up by Shri Rahul Jadhav on present steps of IRDAI.

IRDAI ( officials, like Shri Mathur and others with him) knows very well that present chair holders ( mainly the top chair holder) of  IIISLA are Spine- less and these worms are brought by them only. As a servant they can be treated and not necessary to invite specially. 

So, Shri Rahul ji, pl don't think about. But think those days, how IIISLA and on behalf of IIISLA you fight against those court cases (in every case IIISLA was one Party) and tackle these worm elements. But  in each and every matter and issue related insurance/ service by surveyors, you as an efficient representative of us was invited everywhere, not only IRDA. It is our bad luck that by a lottery system you have to leave the position within two years only. Where as ' Good For Nothing' person T S is still holding a chair. 

We hope that you will surely come back with full power and blessings of all. Which you have already started to clear IIISLA from every side and every evil act & activists, that is there, awaiting for you to be finished... by your hands.

Regards,

Debashis Karmakar
On Friday, April 8, 2022, rajarshi dutta <rajarshi...@gmail.com> wrote:

Very beautifully drafted mail only the last paragraph is an eyesore SIRJI.

Just think what u have done with IIISLA FOR LAST THREE YEARS WITH CONSTANT UNNECESSARY COURT CASES, JUST TO REMAIN IN POWER, IIISLA'S VALUE IS ZERO N TODAY IRDA DON'T EVEN BOTHER TO CALL US ON THEIR PLATFORM.

YOU HAVE TURNED IIISLA INTO SUCH A DUMBSQUIB THAT IT HAS NOW BECOME EXTREMELY HARD TO TURN AROUND.

DON'T BLAME OTHERS SIRJI. YOU R HIGHLY RESPONSIBLE FOR THIS SITUATION.

REGARDS

RAJARSHI

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Note:
 
This is purely a private group of Insurance Surveyors in India strictly for their own internal circulation & consumption. The messages posted and opinions expressed on the forum are that of the individual members. The group owner/moderators are in no way responsible for any opinions expressed and/or offending messages that are posted on the message board.
 
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[Naresh Kumar Kukkar]

Dear Brothers, 

The insurance industry, particularly the general insurance industry is changing fast.  Many start-ups are ready to work in the market. The claim process will see changes also.  We have to work on a bigger level in changing times rather than still working on old things.  But leaders still working on old strategies. 

With regards    

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Naresh  Kumar 

Govt. Approved Valuer (Plant & Machinery)

IBBI Regd. No. IBBI/RV/02/2019/10907

Insurance Surveyor

Chartered Engineer

Ph. No. -9814706491, 01638-254054

Address for Correspondence - 1471/83, ganesh nagri , Jalalabad-152024 ( Punjab )