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IRDA TO COME OUT WITH GUIDELINES ON CORPORATE GOVERNANCE: T.S. VIJAYAN

Oct 03, 2015 article image IRDA to come out with guidelines on corporate governance: T.S. Vijayan
The Insurance Regulatory and Development Authority (IRDA) will come out with a slew of regulations pertaining to corporate governance norms, accounting regulations, reinsurance and corporate agents, its chairman, Mr T.S. Vijayan said at an ASSOCHAM event held in Mumbai today.
Accounting regulations & norms for corporate agents on the anvil

The Insurance Regulatory and Development Authority (IRDA) will come out with a slew of regulations pertaining to corporate governance norms, accounting regulations, reinsurance and corporate agents, its chairman, Mr T.S. Vijayan said at an ASSOCHAM event held in Mumbai today.

"We should be able to bring out corporate governance guidelines in October, it will comprise all the issues including the management control," said Mr Vijayan while inaugurating 8th ASSOCHAM Global Insurance Summit.

Talking about the reinsurance companies, the insurance regulator said, "Currently we are planning by October to bring the regulations, interested people are in touch with us and I am sure they will be playing by this month or next month, I expect 6-7 foreign branches to start with."

"We are bringing accounting regulations shortly and it will be in place by 1st of New Year," said Mr Vijayan.

On the issue of norms for corporate agents, he said "A corporate agent is going to be intermediary, representing interest of the customers, each of the policy being procured has to be mapped with the person who is actually selling it and has to preserve the record, if at all there is a complaint, IRDA should have a readymade online access to that record, we want to implement that in due course."

He also shared his concerns on the huge gap in the coverage of assets in the general insurance sector. "In general insurance, top countries in the world have 77 per cent coverage of the assets, while in India it is 7 per cent, there is a huge gap."

He also called upon the industry to offer more protection component to insurance products.

"There is a need to provide transparent products which were brought in ULIP type products where charges are transparent, thereby removing whatever opaqueness is there," further said Mr Vijayan.

The IRDA chairman also said that insurance companies have to design the products to suit the needs of the people. "If you want to increase insurance penetration in India, offer the responsibility given to the industry to give protection to the people, their incomes and assets."

"What is needed for the customer has to come, may be expectations of the customers can be met only when we empathise with the needs of the customers and design the products accordingly," he added.

He also said that IRDA has been trying to bring the concept of periodically reviewing the pricing of the product.

"We are going to watch claims ratio as well," said Mr Vijayan.

He also called upon the industry to come together and create a platform to combat frauds in the insurance sector through underwriting, risks selection can put an end to these type of things.

"Designing, delivery and service of the products has to be in tune with not only with the companies but for benefit of the society altogether," further said Mr Vijayan.

Amid others who spoke at the ASSOCHAM summit included - Mr S.K. Roy, chairman, LIC; Mr G. Srinivasan, chairman, ASSOCHAM National Council for Insurance & CMD, New India Insurance Co. Ltd.; Mr D.S. Rawat, secretary general, ASSOCHAM and Mr Manish Jaiswal, business head, Crisil Research.

Source: indiainfoline                                                                                                                                                                                                             Dated: 01/10/2015
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