Page 7 - Insurance Times May 2024

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FSIB selects CMDs for No seat belt on accident ficials, to ensure fair elections, combat
inducements, and monitor voting pro-
New India Assurance, victim, car maker gets re- cess for the upcoming first phase of

United India lief polling in 102 parliamentary constitu-
encies across 21 states.
Financial Services Institutions Bu- National Consumer Disputes Redressal
Commission set aside an order of
reau (FSIB), the head-hunting
agency for public sector banks and Maharashtra State Consumer Commis- General insurance indus-
sion directing a car manufacturer to
insurance firms, has selected try maintains double-digit
Girija Subramanian, Chairperson pay Rs 1 lakh compensation for non- grow premium growth in
and MD of Agriculture Insurance deployment of airbags during a crash.
Company (AIC), and Bhupesh Sushil NCDRC arrived at the decision after FY24
Rahul, AIC General Manager, as finding the driver was not wearing his The general insurance industry has
the next CMDs of New India Assur- seat belt, which was one of the reasons ended the fiscal FY24 with 13 per cent
ance and United India Insurance, for non-deployment of airbags in the growth. But, FY24 growth is lower
respectively. crash. compared with the 16 per cent
achieved in the previous year.
After virtual interviews over two Though NCDRC took note of the
days, the FSIB, for the first time, consumer's argument that a seat belt However, the industry has maintained
selected nine executive directors does not need to be used for airbag its double-digit growth trend over the
for PSU general insurers. The post activation, it observed his claim lacked last few years.
of CMD at United India Insurance supporting evidence. It also turned The gross direct premium for all non-
is vacant as S Tripathy retired in down state commission's finding that life companies in 202324 increased to
February. The top post at New In- manufacturing defects led to Rs. 2,89,731 crore from Rs. 2,56,894
dia Assurance will fall vacant after nondeployment of airbags on the same crore in 202223, according to data
Neerja Kapur retires in April end. ground. from the General Insurance Council.
These names will be sent to the The National Consumer Disputes The gross premium of 25 nonlife insur-
DFS which will send them to the Redressal Commission rejected a com- ance companies grew about 14 per
Appointments Committee of Cabi- pensation order for a car manufac- cent at Rs. 2,45,424 crore in FY24
net headed by PM Narendra Modi turer due to lack of evidence support- compared with Rs. 2,14,833 crore in
for the final approvals. Normally, it ing the consumer's claim on airbag FY23, while for the five standalone
takes over two months for all the deployment without seatbelt and the health insurers, gross direct premium
approvals to be in place. With elec- absence of proof for manufacturing grew 26 per cent to Rs. 33,116 crore
tions around, it may take longer as defects. as against Rs. 26,244 crore.
the PM will be campaigning, Over 350 observers deployed by the Two specialised insurers - Agriculture
sources said. Election Commission, including top of- Insurance Co of India Ltd and ECGC -

The Insurance Times May 2024 7