Page 11 - Insurance Times September 2023

work and wants insurers to assess po- and drive insurance inclusion in collabo-
tential impact on the capital needs of ration with other insurers. Attention Subscribers
insurers if the new rules are imple- "IRDAI's decision to identify Liberty Please renew your Subscription of The
mented.
General Insurance as the lead insurer Insurance Times Journal to receive
Aimed at transitioning from the exist- (NonLife) for Delhi is a strategic move copy of the journal uninterruptedly.
ing solvency-based model to the Risk- to improve insurance awareness and You can now pay by GPAY, Phonepe,
Based Capital framework, IRDAI has penetration across the state. Paytm, Amazon, ICICI Pay, BHIM UPI
introduced a 'Technical Guidance' docu-
The initiative aligns with IRDAI's mis-
ment with the initiation of the First
sion of "Insurance for All by 2047" and
Quantitative Impact Study. aims to ensure last-mile delivery of in-
surance services to the uninsured popu-
IRDAI appoints Liberty lation of Delhi," the company said.

General Insurance as lead As the lead insurer, Liberty General In-
insurer for Delhi surance will collaborate with all non-
life and health insurance companies
Liberty General Insurance was ap-
operating in Delhi, as well as with IRDAI
pointed as the lead insurer for Delhi by
and the state government, to create
the IRDAI.
awareness of existing government
The appointment comes as a part of schemes and enhance insurance reach
IRDAI's State Insurance Plan, which and accessibility across the state, includ-
aims to enhance financial awareness ing at the district, and state levels. T

CCI refuses to interfere in IRDAI's regulatory func-

tions
In a significant ruling, the Competition Commission of India (CCI) has refused
to interfere in IRDAI's regulatory functions, disposing off an information
case alleging anti competitive arrangement between insurance regulator
and the Indian Institute of Insurance Surveyors and Loss Assessors (IIISLA).
The informant - Shrikant Ishwar Mende - was aggrieved by the alleged anti- Sashi Publications Easy Payment
competitive arrangement between IRDAI and IIISLA , which resulted in non- Modes :-
renewal of his licence to act as Surveyor and Loss Assessor by IRDAI. i) UPI ID: SASHIBOOKS@KOTAK
ii) GPAY: 9830171022@okbizaxis
As per the informant, IRDAI had created a statutory monopoly in favour of
IIISLA by mandating the membership as an eligibility criterion for grant and iii) PAYTM: 9830171022@paytm
renewal of licenses and IIISLA had abused its dominant position by withhold- iv) NEFT: Current A/C
ing the grant of membership due to non payment of past dues of annual 402120110000327 of 'SASHI
subscription to IIISLA. PUBLICATIONS PRIVATE
LIMITED, Bank of India, VVK
IIISLA is a body promoted by IRDAI in the discharge of its functions under the
Road Branch., Kolkata, India,
IRDAI Act. Membership of IIISLA was made mandatory by IRDAI for grant
IFSC Code : BKID0004021
and renewal of licence for Surveyors and Loss Assessors.
v) Credit Card:
"Such functions, being regulatory in nature, are not per se amenable within www.sashipublications.com
the jurisdiction of the Commission as held by the Hon'ble Delhi High Court in
For any query please call
its judgement dated 2-6-2023 in the case of Institute of Chartered Accoun-
9073791022/9883398055
tants of India vs Competition Commission of India & ors", said a CCI order
issued. www.sashipublications.com

10 September 2023 The Insurance Times