Constitution of Task force to study and make recommendations on issues faced by Non- Life

IRDAI vide it’s order bearing Ref No: IRDAI/REIN/ORD/RIN/142/7/2022 dated July 12, 2022 has constituted a Task Force with the following participants, to study and make recommendations on issues faced by Non- Life Insurers and Reinsurer:

Sr. No.

Name

Designation

Organization

Chairman / Member

1

Mr. Bhargav Dasgupta,

MD & CEO,

ICICI Lombard General Insurance Company Limited

Chairman

2

Mr. Paritosh Tripathi

MD & CEO

SBI General Insurance Company Limited

Member

3

Ms. Madhulika Bhaskar

GM(I/C)

New India Assurance Company Limited

Member

4

Mr. Dr. S. Prakash

MD

Star Health and Allied Insurance Company Limited

Member

5

Mr. Parag Gupta

CEO

SCOR RE India

Member

6

Ms. Girija Subramanian

GM

GIC Re

Member

7

Mr. Ankur Gupta

Head (Client Mgt)

Munich Re India

Member

8

Mr. A Ramana Rao

CGM

Reinsurance Deptt., IRDAI

Member

9

Mr. Gautam Kumar

DGM

Reinsurance Deptt., IRDAI

Convener

• The Terms of Reference for the Task Force are as follows:-
• Study and recommend possible solutions on the following issues raised during ‘Bima Manthan’ on July 1, 2022 :-
• Obligatory Cession (commissions do not reflect Industry cost structure and profit Commission methodology)
• The applicability of compliance requirement w.r.t. claims, social & rural sector obligations, TAT etc. on reinsurers.
• Suggestions on the Order of Preference
• Concerns w.r.t. delay in quotes by reinsurers
• Cession cap on CBRs
• FRN issuance process
• Domestic treaty participation for Insurers
• Matters related to event limit in proportional treaties
• Reinsurance support on social insurance schemes (covid, PMSBY, pools etc.)
• Introduction of emerging risk transfer solutions (ART, ILS, CAT bonds etc.)
• Faster settlement and payment digital mechanism (exchange) among the reinsurers and CBRs
• Examine any other matter relevant to the subject
• The Task Force may invite any specialist/s for discussion relevant on the matter.

The Task Force shall submit its report within three weeks of the date of this Order

Source category: IRDAI

Attachments

• /2022/64_CONSTI~1.PDF