Page 10 - Insurance Times July 2021

IRDAI News

Mandatory to continue and launched these policies, no one had BVR Subrahmanyam (1987 batch) who
the visibility of the numbers… but at the recently joined as Secretary, Ministry
offering standard Corona same time, no one had predicted that of Commerce after serving as the Chief
policies: IRDAI tells the numbers could go so bad within a Secretary of Jammu and Kashmir (J&K)
year…we took a hit last year, but it is since 2018; Manoj Parida (1986 batch);
insurance companies
difficult to continue like this. Therefore, who has recently been appointed as
After receiving multiple complaints of many insurance players are no longer Chairman of the National Authority of
some insurance companies not issuing pushing this policy,” another industry Chemical Weapons Convention; VP Joy
the Corona Kavach and Corona Rakshak source said. (1987), Chief Secretary, Kerala,
policies, the Insurance Regulator and Chhabilendra Roul (1985), former
Development Authority of India (IRDAI) Besides he added that revising the Secretary, Department of Fertilizers;
on Monday reiterated that it is premium of such policies, where sum Preeti Sudan, (1983 batch) who had
insured is not very high, does not make
mandatory for all general and health retired as the Union Health Secretary
sense even for sellers of the policy as well
insurers to offer these standard Covid- as buyers. While Corona Kavach is an in July 2020; and Anup Wadhawan, who
19 policies to policyholders. retired as Secretary, Ministry of
indemnity-based product, Corona
In the wake of the first wave of Covid- Rakshak is a benefit-based product. Commerce in May-end are among the
19 last year, IRDAI had directed all non- While benefit policies pay a fixed amount serving and retired IAS officials who
life insurance companies to roll out following a claim, indemnity plans have applied for the top position at
these two standard Covid-19 policies by provide either cashless or IRDAI, said a source.
July 10, 2020. This was mainly targeted reimbursement for the money spent on The name of Injeti Srinivas, currently
at people who did not have any health medical treatment. Both are offered for Chairman of International Financial
insurance cover. These policies were a tenure of three and half months, six Services Centres Authority (IFSCA),
earlier permitted to be offered till and half months or nine and half months. located in GIFT City, Ahmedabad, is also
March 31, 2021, and with second wave While the sum insured in Corona Kavach doing the rounds for the IRDAI post. MR
hitting the country, the regulator ranges between Rs 50,000 to Rs 5 lakh, Kumar, Chairman, Life Insurance
allowed insurers to offer and renew in Corona Rakshak, it ranges between Corporation (LIC) is the lone candidate
these standard Covid policies up to Rs 50,000- Rs 2.5 lakh. from the public sector insurance sector.
September 30, 2021. Although he had applied for the IRDAI
An industry expert pointed out that the Industry people and job, he may not be in the race now as
rising Covid claim ratios have been bureaucrats lineup for he has been given an extension as the
pinching insurers. He pointed out that Chairman of the Corporation till March
the pricing of standard Covid products, IRDAI top Post 2022.
that were fixed last year by insurers, do Many retired Insurance executives and Not surprisingly, from within IRDAI, TR
not seem viable anymore in the face of serving bureaucrats are vying for the Alamelu, Member, Non-life, and K
rising Covid claims. “When we priced it post of IRDAI chairman. Ganesh, Member, Life, have put in their

10 The Insurance Times, July 2021