IRDAI under new Chairman Mr.Debashish Panda has been very proactive since his taking over as IRDA Chairman. He has taken a number of quick decisions which will help in the growth of the Insurance Industry. According to Mr. Panda Industry must self-regulate itself and IRDAI will facilitate the industry in the development agenda.
IRDAI has asked companies to take a leaf from the banking industry’s strategy for inclusion by companies adopting individual states as lead insurers. IRDAI has also set goals in terms of insurance penetration for the life and non-life industry.
IRDAI chairman Mr.Debashish Panda held bi-monthly meeting with insurance Chairman — BimaManthan — recently in Hyderabad. In the meeting, insurers were guided to increase the growth rate and were individually provided indicative targets along with unique states and UTs to lead on. In the meeting, the Insurance Information Bureau made a presentation on enhancing its role and also its corporatisation.
The Insurance Industry in India was in dire need of path breaking reforms and we hope the new chairman will take the mantle forward.
IRDAI has cut the solvency margins for insurers in crop business and this move will unlock Rs.1400 Crores for General Insurers.
IRDAI working group has suggested allowing insurers to invest in AT-I Perpetual Bonds of Banks that have declared dividend for the preapproval of life cover products for better efficiency.
In Uttara kahndBadriKedar Temple Trust recently announced for one lac Insurance cover for all pilgrims visiting thereat which is a good move.
As per report ESIC is to cover entire India in all districts by the end of 2022 which will ease the health problems not for employee members only but for the general public as well.
