Page 49 - Insurance Times February 2016

e) CSC-SPV shall include the relevant conditions and clauses f) Advise and assist clients in effecting nomination, assign-

as prescribed by the Authority for the compliance of these ment and other policy services, and inform insurers about

regulations including the prescribed code of conduct for changes like, change in residential address, change in nomi-

a RAP, in the agreement entered into with RAPs. nation, sale of vehicle etc. For updation and arrange to get

f) CSC-SPV shall ensure continuous monitoring of the ac- necessary endorsement in the policy documents if required.

tivities of the RAPs and be responsible for the compli- g) Assist and facilitate claims settlement process by help-

ance of these regulations and the code of conduct by ing insured in filling claim form, collect copy of docu-

RAPs. ments like death certificate, nomination, assignment,

g) CSC-SPV shall maintain a copy of agreement entered with and such other documents required for settlement of
each insurer. claims by insurers.

h) Inform clients about payment of renewal premium and

Functions of RAP (Rural Authorised Per- send policy renewal notices to clients on behalf of insur-
ers, if the insurer outsources the services.
son)
i) Comply with the AML/KYC guidelines issued by the Au-
Insurance related functions of a RAP shall include the follow-
thority from time to time.
ing:

a) Assisting the prospects to select the policy based on the j) All other customer centric services as may be required

need of Insurance. for smooth and effective policy servicing.

b) Obtaining detailed information relating to proposers/ The general insurance products that may be sold
persons/ risks to be insured and protection needs and
through the CSC Model are as follows:
render advice on appropriate insurance cover.

c) Providing the insurer with underwriting information like (i) Personal Accident Insurance

age, income, family medical history, any illness suffered (ii) Cattle/Livestock Insurance

and such other information as required in assessing the (iii) Agricultural Pump set Insurance

risk. (iv) Farmer's package policy

d) Acting promptly on instructions from a client and provid- (v) Fire & Allied Peril Dwellings Insurance
ing him written acknowledgements and information on
proposal acceptance and status of claims settlement. (vi) Motor Insurance

e) Assisting clients in paying premium, in compliance with (vii) Health Insurance

section 64VB of the Insurance Act, 1938 as amended (viii) Any other type of product that may be specifically per-

from time to time. mitted by the Authority.

GIC Re looking to be among the top 10 globally, says CMD

GIC Re, the country’s sole reinsurer, said that it is fully geared to meet the emerging competition in the domestic
reinsurance sector. The company also said that it wants to be among the top 10 re- insurers of the world, from its
current global position at number 14, over the next couple of years.

After assuming charge as the Chairperson and Managing Director of GIC Re, Alice Vaidyan said, “GIC Re is confident
of increasing its market share even after the arrival of global re- insurers in the country. We have almost 50 per cent
market share at present.”

Slowly, GIC Re is expanding its international reach, she said. “We are aiming for focussed growth in countries like Latin
America, China and CIS countries”.

“These three are the main target countries for us now,” Vaidyan said adding, “GIC Re has diversified across the globe
and is now doing business in 160 countries and has branches in countries like the UK, Dubai and Malaysia.”

On GIC Re’s future plans, Vaidyan said, “We are planning to open a new branch in Brazil this year.”

The Insurance Times, February 2016 49

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