Page 49 - Insurance Times May 2023

values significantly, opening the door of Ombudsman for Automobile Companies, Surveyors, Brokers and other
cases of liability up to five crores may be reasonable. stake-holders.
15. To enlist the panel of Arbitrators, district wise, as a 19. Concept of Rural Representative of Insurance
ready reckoner, for the claimants by IRDAI is the companies be redefined and may be re-introduced with
utmost need in line with the 'Protection of Policy- vigor, in every Gram Panchayat / Ward level - which will
holders' Interest Act' & 'IRDAI Regulation' in this regard. deal for General and Life Sector both. Importantly the
This list is also required to be published for the interest services of rural educated youth must be availed as it
of Policy holders in IRDAI Portal. will give a boost for the villagers, since they will find
their own person for these insurance initiatives &
16. All the policy should be rationalized, simplified, reducing
interactions.
the grey area as much as possible for the sake of easy
21. For the poor, distressed, people living in un-affordable
understanding. Policy, Claim Form, Proposal Form and
communities and BPL persons, GOI should arrange
insurance instruments should be printed in Regional
distributing free Personal-line/Micro-insurance Policies
Languages & Survey Report should also be preferably
-even from their childhood days, like the free food grains
prepared in Regional Languages.
distribution of ration are made under National Food
17. The role of NGOs should be increased. Cultural and
Security Act, being absolutely free for our 81.3 crore
other social organizations should be given responsibility
countrymen year after year.
for selling low-value-premium policies.
The vote of thanks proposed by Mr. Debasis Karmkar, co-
18. There should be regular awareness programmes being
ordinator of the programme.
organized by the Insurance Companies as well as

Insurance space buzzing up as new players queue up for foray
The insurance business is expected to be more competitive and crowded with many new players entering the industry
soon. "There are 20 applications seeking approval for setting up new insurance companies both in life and non-life
are currently under process with the IRDAI. The review of applications and the outcome is expected in about six
months or a year from now,'' a senior official said.
IRDAI has put in place a stringent review process for scrutiny of applications and the final acceptance will be accorded
by its board, he added.
The Head of Underwriting in a large private insurer stated that the primary drivers for insurance business growth
are the large number of millennial population, an increase in awareness regarding the need for insurance in the
post-Covid period, and a series of regulatory reforms introduced by the regulator in the recent past to promote ease
of doing insurance.

Enroll Today!!

from

www.smartonlinecourse.co.in
(A Unit of The Insurance Times Group)

For Enrollment Contact: info@smartonlinecourse.org
Ph. : 9073791022

44 May 2023 The Insurance Times