Constitution of Working Group for suggesting the regulatory framework post denotification

IRDAI vide ref. no. IRDAI/NL/ORD/MISC/242/12/2022, dated December 7, 2022 has issued an Order on “Constitution of Working Group for suggesting the regulatory framework post de-notification of the existing tariffs”(Order).

In order to put in place an effective regulatory framework post de-notification of the existing tariffs pertaining to Fire, Engineering and Motor (Own Damage) the IRDAI proposed to constitute a Working Group with the following members:

Sr. No.

Name

Designation

Organization

Chairman / Member

1

Shri Bhargav Dasgupta

MD & CEO

ICICI Lombard General Insurance Company Limited

Chairman

2

Shri Neelesh Garg

MD & CEO

Tata AIG General Insurance Company Limited

Member

3

Ms. Jasleen Kolhi

CEO

Go Digit General Insurance Company Limited

Member

4

Shri Jitendra Mehndiratta

General Manager

New India Assurance Insurance Company Limited

Member

5

Ms. C S Radhika

General Manager

United India Insurance Company Limited

Member

6

Ms. Aarti Bhushan Mulik

GM-Commercial Underwriting

Universal Sompo

Member

7

Ms. R Annam

Head Commercial Underwriting

Cholamandalam

Member

8

Shri Parag Gupta

CEO

SCOR Re

Member

9

Shri N Rama Swamy

General Manager

GIC Re

Member

10

Shri Hitesh Kotak

CEO

Munich Re

Member

11

Dr. Sandeep Dadia

CEO

Aditya Birla Insurance Brokers Limited

Member

12

Shri Sanjay Kedia

CEO

Marsh India Insurance Brokers (India) Limited

Member

13

Shri D V S Ramesh

CGM (Non-Life)

IRDAI

Member

14

Shri Pradeep Kumar Singh

Manager

IRDAI

Member

15

Shri Hiten Kothari

Appointed Actuary

HDFC ERGO General Ins. Company Limited

Member

The Terms of reference of the Working Group are as follows:

• To suggest ways forward following discontinuation of tariffs in Fire, Engineering and Motor(OD) lines of business.
• To suggest requisite Regulatory framework for Insurers to deploy of optional product structures (such as First Loss, Excess of Loss, Agreed Value) in Property and Engineering lines of business as also to permit short-term and long-term policies for all commercial lines of business;
• To examine the relevance of continuing the existing standard products in fire line of business viz Standard Fire & Allied Perils form, Bharat Griha Raksha, Bharat Laghu Udyam Suraksha and Bharat Sookshma Udyam Suraksha.
• To suggest a suitable business model for freedom of / increased choice in Motor Insurance products especially with regard to purchase of new motor vehicles and to review the case for discontinuance of MISP.
• To examine the scope for new Commercial Lines products for small, medium and large risks.
• To recommend the draft Regulatory framework keeping in mind the protection of policyholders’ interest post discontinuation of tariffs;
• Any other matter which the Working Group feels relevant.

The Working group is advised to undertake extensive consultations with the stakeholders during the course deliberations and before finalising the recommendations.

The Working Group shall submit its report in three weeks ’ time from the date of the Order.

Source category: IRDAI

Attachments

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