Page 28 - Insurance Times November 2021

FIGHTING

CORRUPTION

IN INSURANCE

SECTOR

Introduction and need Counting on accountable functioning of this sector, public
at large expect concrete steps by the government of the
Every year central and state vigilance commission issue
instructions to their line departments to celebrate vigilance day and its regulator , at least to have mass awareness
against this menace that produces more importantly a
campaign with full enthusiasm. This mere symbolic tokenism
deterrent effect rather than punitive results. Zero
for a short period has been continuing for the past several
tolerance policy towards corruption is the need of hour in
years without much sustained efforts all along the remaining
this non banking financial sector, which must be fully
year. Even for current year, this programme was restricted
activated immediately at all levels in its operations and
from fortnight to weeks period only. Does this restrictive
functioning. Finance Ministry and Insurance Regulator
exercise yield the desired effects at the ground level and
Development Authority of India also needs to be serious
produce appreciable results palpable by a common man
in its commitment towards implementation of anti
remains merely the fact to be pondered with ?
corruption measures by regularly sensitizing their employees
and insured public continuously throughout the year.
Addressing this vital issue seriously that is actively eating our
nation at all levels assume utmost and urgent importance.
At least prevention of corruption, mainly by creating
Insurance sector is no longer an exception to this socio
sustained public awareness campaign, is an exercise where
economic evil, that is equally eating out this important
not only insurance companies and their employees need to
income generating beneficial industry of our country.
be involved but both insured as well as insurer en mass need
About the author to play their responsible role for ending up this exercise with
a great success.
Dr. Daleep Pandita
Ex. Regional Manager, NIAC Genesis of corruption
Resident Editor - J & K Before combating corruption, it is equally important to

28 The Insurance Times, November 2021