IRDAI is considering the creation of a body like the state-level bankers’ committee (SLBC), Chairman Debasish Panda said.
“Several state governments have taken the initiative to constitute state-level committees and some states have constituted district-level committees,” Panda said while speaking at the Business Standard BFSI Insight Summit.
According to the arrangement, district-level units will be driving state insurance benefits.
The SLBC is the highest body of bankers at state level, ensuring coordination between the government and banks. This is in agreement with what Panda had said in May.
Panda expressed concern on rising cyber and climate-related risks and the need for insurance companies to develop policies that would address those.
The frequency of natural disasters has gone up, which necessitates a proactive approach and the need to adapt by leveraging advanced climate modelling to anticipate and mitigate climate-related risks. “Policies aimed at promoting sustainability and resilience, while factoring in climate-related concern, must be developed,” he said.
Against the backdrop of the increased usage of technology and the associated risks in the financial sector, the regulator emphasised the difficulty in forming regulations that would provide solutions to those.
