The IRDAI has set up a working group comprising 10 members to suggest segment-wise ways and means to improve loss prevention and loss minimisation in the industry of general insurance.
With the aim of bringing all stakeholders working together towards a common end on a common platform, the regulator has formed the working group.
However, loss prevention and loss minimisation measures have remained very company-specific, according to the sources.
There may be considerable overlap in the way companies approach the issue, yet there is little in terms of knowledge-sharing, something that the working group sought to formalise.
IRDAI sets up working group to improve loss prevention
Byadmin
January 28, 2020
