Page 56 - Insurance Times April 2017 Special Issue on Newindia

Glossary
Poll Will the rise in Third-party Motor Premium
benefit the commoners?

Yes Results of Poll in our March 2017 Issue

No Do you think hike in LIC agents' gratuity will
encourage them to do more business?
Can’t say

Asset You may send your views to :
Probable future economic benefits ob- Poll Contest, The Insurance Times Yes 80
tained or controlled by a particular 25/1, Baranashi Ghosh Street, Kolkata - 700 007 No 10
entity as a result of past transactions Phone : 2269 6035, 2218 4184, 4007 8428 Can’t say 10
Email: insurance.kolkata@gmail.com
or events. An asset has three essential
characteristics: It embodies a probable Norms eased by IRDAI for recruiting PoS
future benefit that involves a capacity,
singly or in combination with other as- persons
sets, to contribute directly or indirectly
to future net cash inflows; A particular With effect from 1st April 2017, IRDAI has relaxed norms for recruitment
entity can obtain the benefit and con- of Point-of-Sales (PoS) persons by general and health insurers.
trol others' access to it; and The trans- Henceforth, insurers can appoint PoS persons with the mandatory
action or other event-giving rise to the training and passing of NIELIT examination, which is already being
entity's right to or control of the ben- allowed in the case of life insurance. The insurers, however, should
efit has already occurred. ensure that the applicant for PoS position is not engaged with any other
insurer or insurance intermediary by crosschecking with the database
Asset Risk
of the Insurance Information Bureau.
In the risk-based capital formula, risk
assigned to the company's assets. They should also conduct an in-house training of 15 hours for the
candidate which would be followed by an exam.Successful candidates
Assigned Risk should be engaged as PoS persons by entering into a written
A governmental pool established to agreement, which would specify the terms and conditions, the circular
write business declined by carriers in
added.
the standard insurance market.

GROSS DIRECT PREMIUM INCOME UNDERWRITTEN FOR AND UPTO THE

MONTH OF FEBRUARY 2017 (Rs in crores)
NON LIFE INSURERS
Growth of % of Growth
INSURERS FEBRUARY February 2017 CUMULATIVE Upto February 2017
over UPTO February over the period
February 2016 Upto February 2016
2016-17 2015-16 2016-17 2015-16
Private Sector 4425.49 3391.02 30.51% 47996.65 35871.15 33.80%
Public Sector 4398.87 3573.46 23.10% 53102.70 42661.55 24.47%

Stand-alone Health 573.14 398.64 43.77% 4849.43 3529.84 37.38%
Specialised 890.22 397.69 123.85% 7993.35 4463.46 79.08%
Grand Total 10287.72 7760.81 32.56% 113942.13 86526.00 31.69%

56 The Insurance Times, April 2017

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