Page 57 - The Insurance Times September 2024

Circular

IRDAI Corner

Vision Meet on “Insurance for All” by 2047 tric approaches to improve service delivery, expedite claim
settlements, and swiftly resolve grievances. Enhancing the
Date: 25th August, 2024 efficiency of distribution channels was another important
point of discussion. Innovations in insurance technology
The "Insurance for All" Vision Meet, hosted by insurance (Insurtech) were also highlighted, which would play a key
councils over two days on August 23rd and 24th, 2024, in role in achieving insurance for all.
Mumbai, was a pivotal event aimed at laying the ground-
work for the vision of "Insurance for All by 2047". The pri- Towards this goal, dedicated thematic working groups con-
mary objective of the meeting was to collaboratively craft sisting of primary stakeholders will delve deeper to
foundational framework that would guide the vision of strengthen the strategy document and implementation
achieving Insurance for All. The event brought together the thereof.
insurers, reinsurers, representatives of intermediaries along The "Insurance for All" Vision Meet has set a robust foun-
with key IRDAI officials. In a significant collaboration, a dation for transforming the insurance landscape in India,
dedicated team from the Indian Institute of Management with collaborative efforts and strategic insights paving the
(IIM) Kozhikode participated as a key academic partner, way towards a more inclusive and equitable insurance fu-
offering structured guidance, research support, and invalu- ture by 2047.
able insights for the creation of the strategy document. The
workshop was meticulously designed to foster discussions
and brainstorming, ensuring a broad and inclusive dialogue Prevention of Money-Laundering (Mainte-
on the future of insurance. nance of Records) Amendment Rules,
During the meeting, discussions delved into various critical 2024
areas. A major focus was on defining the concept of "Insur- Date: 12th August, 2024
ance for All" and developing mechanisms to measure and
monitor progress towards this goal. Participants explored
the necessity of diversifying insurance products and provid- 1. Attention is drawn to amendments effected to Preven-
tion of Money-Laundering (Maintenance of Records)
ers to better reflect the diverse demographics of India. Ex-
Rules, 2005 (PML Rules) vide gazette notification no.
panding distribution channels was also a key topic, aimed
GSR 419 (E) dated 19th July 2024.
at ensuring that insurance products are accessible to every
segment of society. Additionally, the discussions covered 2. Attention is also drawn to Clause No. 12 of Master
strategies for providing affordable insurance products, in- Guidelines on AML/CFT issued by the Authority vide ref:
tegrating advanced technology, and enhancing the role of IRDAI/IID/GDL/MISC/160/8/2022 dated 1st August 2022
the State Insurance Plan. All these discussions and delibera- where, inter alia insurers were already mandated to
tions were aimed at developing a detailed roadmap to refer Central KYC Registry (the CKYCR) for retrieving the
achieve the "Insurance for All" vision by 2047. KYC records without asking the customer to submit KYC
records again.
The meet also addressed several additional focus areas criti-
cal to the future of the insurance sector. These included the 3 Consequent to the amendments made to the PML rules,
need for growth capital and capacity building, as well as the the following modifications are effected to the Master
importance of effective reinsurance and risk management Guidelines dated 1st August, 2022:
strategies. Emphasis was placed on adopting customer-cen- 3.1. The para 12.2 shall be substituted as under.

The Insurance Times September 2024 51