According to Chairman Debasish Panda (pictured), the Insurance Regulatory and Development Authority of India (Irdai) is thinking of establishing a body akin to the state-level bankers' committee (SLBC).
Speaking at the Business Standard BFSI Insight Summit, Panda stated, "Several state governments have taken the initiative to constitute state-level committees and some states have constituted district-level committees."
The structure states that state insurance benefits will be managed by district-level authorities.
The SLBC, which ensures coordination between the government and banks, is the highest body of bankers at the state level. This is consistent with Panda's May remarks.
Panda voiced concern on the need for insurance companies to create policies that would cover the growing risks associated with climate change and cyberattacks.
Natural catastrophes are occurring more frequently, which calls for adaptation and a proactive strategy that makes use of sophisticated climate modelling to foresee and reduce risks associated with climate change. "Policies that consider climate-related concerns and promote sustainability and resilience must be developed," he declared.
The regulatory body highlighted the challenges in formulating regulations that address the growing use of technology and the corresponding dangers in the financial industry.
