Page 9 - Insurance Times February 2022

ricultural Insurance Company of India with the overall objective to promote inspection reports and developing stan-
Ltd and ECGC Ltd -- witnessed a 26.3 loss prevention measures in the general dard survey/inspection report formats.
per cent increase in their gross premium insurance industry. The advisory committee, which has a
at Rs 1,103.33 crore compared to Rs "It has been decided to form a hub on term of two years, has been asked to
873.78 crore, as per the data.
property insurance at 'National Insur- work progress report to the IRDAI on
ance Academy (NIA)' and one on motor monthly basis.
Health covers must include insurance at 'Institute of Insurance and
Omicron costs: IRDAI Risk Management (IIRM)," the Insur- Intermediaries to keep cur-
ance Regulatory and Development Au- rent a/c in suitable num-
The insurance regulator has said that all thority of India (IRDAI) said in a state-
indemnity-based health insurance prod- ment. ber of banks: IRDAI
ucts that cover treatment costs of IRDAI said that insurance intermediar-
hospitalisation will include those toward The decision to set up these hubs was ies, including entities sponsored by
the Omicron variant of Covid. In a sepa- based on the recommendations of a them, can maintain current accounts
rate order on Digit Insurance, the regu- working group on loss prevention and in appropriate number of banks so as to
lator said that non-life companies cannot minimisation in the general insurance meet regulatory requirements and re-
provide a death benefit in their policies. industry. insurance business.
This clarification puts to rest any specu- In addition, there will be an advisory In August last year, the Reserve Bank
lation over the admissibility of claims committee under the chairmanship of of India (RBI) had instructed banks not
arising out of the new variant. Last year, the NIA director, which among other to open current accounts for custom-
the regulator had told insurance com- things will create a repository of past ers who have availed credit facilities in
panies that health policies must cover risk inspection reports and developing the form of cash credit or overdraft
Covid infection even though worldwide standard survey/inspection report for- from the banking system. Later, on a
some companies rejected claims on the mats. There will be two subcommittees review, the central bank permitted
grounds of pandemic exclusion. "Insur- within the advisory committee. banks to open specific accounts that are
ance companies shall put in place an The sub-committee on motor insurance stipulated under various statutes and
effective coordinating mechanism with will develop guidelines on inspection of instructions of other regulators/ regu-
all their network providers (hospitals) vehicles and standard operating pro- latory departments, without any re-
to make available seamless cashless fa- cesses to be followed by vehicle owners strictions placed in terms of its August
cility to all policyholders in the case of in the event of loss. 2020 circular.
hospitalisation if any and render speedy
Mapping high exposure accident spots An Insurance Regulatory and Develop-
services to all policyholders," IRDAI said.
across the country, and developing stan- ment Authority of India (IRDAI) circu-
dard matrix (score) to incorporate lar said it has been observed that insur-
IRDAI to set up hubs on safety features for each make and ance intermediaries maintain multiple
motor, property insurances model of vehicles, are among the other current accounts with banks at differ-
activities tasked to the panel. ent operational levels (branch offices,
IRDAIhas decided to set up two hubs
on motor insurance and property insur- The sub-committee on property insur- corporate offices, etc), for regulatory
ance and also an advisory committee ance will create a repository of past risk and other purposes. T

Sebi begins hiring drive ahead of LIC IPO, to recruit 120 execs in 4 months
Capital markets regulator Securities and Exchange Board of India (Sebi) has started a drive to recruit 120 senior execu-
tives as it beefs up headcount ahead of the initial share sale by Life Insurance Corp. of India, in what will be the nation's
biggest public issue. Sebi will be recruiting experienced officials across legal, information technology, research, general
and official language departments over the next four months, the regulator said in a recruitment notice on its website.
Its overall headcount stands at about 850 now.

The hiring follow Sebi processing a record number of applications for initial public offerings last year. Over 110 companies
from online grocers to food delivery startups listed their shares in Mumbai and raised almost $18 billion, according to
data compiled by Bloomberg. In 2021, Indian stock exchanges ranked seventh in terms of number of IPOs and eighth in
IPO proceeds globally, Sebi Chairman Ajay Tyagi said recently.
The Insurance Times, February 2022 9