Page 49 - Insurance Times October 2019

traffic violations as rating factor in Motor 6) Shri. Umang Rathod, Director, Origin Insurance
Insurance. Brokers India Pvt Ltd, representing Insurance
Brokers Association of India, Member
e) To suggest system of access to traffic violation
history data of each vehicle and transfer of data 7) Shri. S.P. Chakraborty, General Manager, Actuarial
from enforcement authorities to IIBI database. Department, IRDAI, Member
f) To suggest modalities for carrying out an 8) Smt. Latha. C, Deputy General Manager,
immediate pilot project at NCT of Delhi. Reinsurance Department, IRDAI, Member
g) To consider any other aspect relating to the 9) Shri. Jyothi Prasad Adike, Manager, Non-Life
subject. Department, IRDAI, Member Convener

3. The Terms of Reference of the Working Group are as
4. The Working Group shall submit its report in eight
weeks’ time from the date of this order. under:
i. To examine the current guidelines on Trade Credit
Insurance and products available for catering to
(T.L. ALAMELU)
the needs of credit insurance market in India.
Member (Non-Life)
ii. To study the need and scope for changes in the
current guidelines keeping with the times and
Working Group on Revisiting Guidelines requirements of various segments of market.
on Trade Credit Insurance iii. To suggest suitable amendments to guidelines that
adds value to the policyholders and stakeholders
Ref. No:IRDAI/NL/ORD/MISC/133/08/2019
such as Banks/Factoring Companies/Lenders.
Date:29-08-2019
iv. To make recommendations with regard to relevant
regulatory framework, including guidelines in
1. The Authority had revised the Guidelines on Trade
Credit Insurance on 10th March, 2016 vide Circular Ref: respect of underwriting, risk management, claims
handling, pricing, reserving, accounting etc.
IRDAI/NL/CIR/CRE/044/03/2016, considering the
changes in economy and the enhanced need for trade v. To consider the availability of reinsurance support
credit insurance. Thereafter, representations have been in domestic and international markets.
received from various stakeholders to revisit the scope vi. To examine any other aspect relevant to ‘Trade
of the trade credit cover. Keeping in view these Credit Insurance’.
requests as well the changing requirements of market,
the Authority has decided to constitute a Working 4. The Working Group shall submit its report in twelve
Group on revisiting Guidelines on Trade Credit weeks’ time from the date of this order.
Insurance.
(Yegnapriya Bharath)
2. The Working Group will consist of the following Chief General Manager(NL)
members:
1) Shri. Atul Sahai, CMD, The New India Assurance Guidelines on Insurance Claims of
Co. Ltd, Chairman victims of recent floods (August 2019) in
2) Shri. Subrata Mondal, EVP & Head–Technical Risk parts of Kerala
Management & Product Development, Iffco Tokio
General Insurance Co Ltd, Member Ref. No:IRDAI/NL/GDL/MISC/142/08/2019

3) Shri. Mukund Daga, Vice President, Trade Credit, Date:22-08-2019
Tata AIG General Insurance Co Ltd, Member
1. As you are aware, the recent floods, have caused
4) Shri. Parag Gupta, CUO, Score SE, Indian Branch, immense loss to property in the state of Kerala. There
Member is an urgent need for the insurance industry to take
5) Shri.Rajay Sinha, General Manager, IB Domestic, immediate steps to mitigate the hardships of the
State Bank of India, representing Indian Banks` affected insured population by ensuring immediate
Association, Member registration and settlement of eligible claims.

The Insurance Times, October 2019 49