Page 56 - Insurance Times August 2019

Poll increased the Life Insurance exemption upto
Glossary Do you think the government should have

Rs. 2.5 lacs, under section 80C?
Yes Results of Poll in our July 2019 Issue

No Do you think IRDAI & Insurance Council must
launch a mass awareness campaign on
Can’t say insurance?

Employee Benefit Liability You may send your views to : Yes 100
Liability protection for an employer for Poll Contest, The Insurance Times
claims arising from provisions in an 25/1, Baranashi Ghosh Street, Kolkata - 700 007 No 0
Phone : 2269 6035, 2218 4184, 4007 8428
employee benefit insurance plan Email: insurance.kolkata@gmail.com Can’t say 00
provided for the economic and social
welfare of employees. Examples of IRDAI to give nod to sandbox experiment soon
items covered are pension plans, group
life insurance, group health insurance, The IRDAI will soon allow the use of regulatory sandbox (RS) to promote new,
group disability income insurance, and innovative products and processes in the industry.
accidental death and dismemberment. RS is an infrastructure that helps fintech players live test their products or solu-
tions, before getting the necessary regulatory approvals for a mass launch, sav-
Employee Retirement Income ing start-ups time and cost. The Reserve Bank of India is also going ahead with
Security Act of 1974 (ERISA) its plan for a similar exercise in the banking sector.
A federal statute governing standards
for private pension plans, including IRDAI had, in February this year, recommended setting up a regulatory sandbox
vesting requirements, funding to test new digital and tech-based innovations, before launching them in the
mechanisms, and plan design. market. A committee, set up by the IRDAI, has already submitted its final recom-
mendations and will be implemented soon, IRDAI Chairman SC Khuntia said re-
Employers Liability cently.
Employers' liability coverage for the Data analytics is an area which insurance industry can take benefit to serve their
legal liability of employers arising out of customers. “Insurance industry generates a huge amount of data. If they analyse
injuries to employees. This code should and make sense of this data then that can be used for pricing of product, gaug-
be used when coverage is issued as an
ing the need of customers and also to design products that customers require,”
endorsement, or as part of a statutory
workers' compensation policy. said an insurance official.

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56 The Insurance Times, August 2019