Page 12 - Insurance Times June 2023

IRDAI revises guidelines for Provide cover for mothers IRDAI asks insurance firms

remuneration of private undergoing surrogacy: to lay down social media
insurers' management IRDAI norms
IRDAI has asked insurance companies
IRDAI proposed a revised guidelines IRDAI has asked insurance companies
to lay down social media guidelines for
for remuneration for non-executive to provide comprehensive coverage for
their employees to ensure that no un-
directors and persons in key mana- intending parents and surrogate moth-
verified or confidential information re-
gerial positions of private insurers to
ers undergoing surrogacy and fertility
ensure alignment of compensation lating to the organisation is dissemi-
treatments.
with prudent risk management. nated to the public through these plat-
"An insurance coverage of such amount forms.
In an exposure draft, the IRDAI said
as may be prescribed for a period of 12 An organisation's reputation is closely
private sector suggested that insur-
months in favour of the oocyte donor linked to the behaviour of its employ-
ers should formulate and adopt a
by the commissioning couple or woman ees, the IRDAI said, adding "Social me-
comprehensive board-approved re-
muneration policy covering all the key from an insurance company or an agent dia should be used in a way that adds
value to the organisation's business".
managerial persons. recognised by the IRDAI," the regula-
tor said. The Information and Cyber Security
"The policy should be formulated
Guidelines, which were issued by IRDAI
such that the performance based According to the IRDAI, the intending
to all insurers, have a specific section
variable remuneration shall not en- woman or couple can purchase a gen-
on 'Acceptable usage of social media' -
courage key managerial persons to
eral health insurance coverage in favour
- which states that the employees
take inappropriate or excessive
of surrogate mother for a period of 36 should be refrained from disseminating
risks," it said.
months from an insurance company.
any unverified and confidential informa-
The existing guidelines which came
The recent circular from IRDAI is a posi- tion on "any Blogs/Chat forums/Discus-
into effect from October, 2016 are
sion forums/Messenger sites/Social net-
tive step towards providing comprehen-
the framework for remuneration of
working sites".
sive coverage for intending parents and
non-executive directors and CEO/
surrogate mothers." Any information received, accessed or
WTD/MD of private insurers.
obtained by an employee, either in his/
The guidelines have been in force for The IRDAI directive is expected to en-
her official mail/personal mail/Media
over 6 years and based on the expe- sure that all parties involved in the sur-
Forums or in any other manner, if pro-
rience of implementation, IRDAI has rogacy process are protected from any
posed to be disseminated or shared in
proposed to "bring remuneration of unforeseen medical complications that any Media Forum, should be forwarded
other key managerial persons
may arise during the pregnancy and to the Organisation's Compliance team
(KMPs) also within the ambit of the
post-partum period, insurance officials and corporate communication team for
guidelines".
said. prior approval," it said.
The Insurance Times June 2023 11