In order to take forward the process of setting out reforms for increasing insurance penetration and facilitating sustainable growth of the industry and to explore the emerging trends and opportunities such as technology based core processes, Insutech, Risk based Supervisory frame work, Risk based Capital framework, various teams have been constituted with immediate effect to take up the five mission mode programme, said the IRDAI in an order dated June 6
Hyderabad:
After proposing sweeping regulatory reforms across the Indian insurance industry, the segment regulator IRDAI has formed various teams and supervisory panels under its four members to develop framework and strategies to implement them.
In order to take forward the process of setting out reforms for increasing insurance penetration and facilitating sustainable growth of the industry and to explore the emerging trends and opportunities such as technology based core processes, Insutech, Risk based Supervisory frame work, Risk based Capital framework, various teams have been constituted with immediate effect to take up the five mission mode programme, said the IRDAI in an order dated June 6 .
The teams are advised to come up with the project deliverable and associated time lines within a period pf 21 days, said the order.
Each team, consisting of officials of the IRDAI, will be supervised by a concerned committee, which will be headed by a member of the IRDAI.
The panel to supervise the team formed for Strategies for implementing applicable IFRS /ind AS will be headed by Rakesh Joshi, member(Finance and Investment).
There will be two team and panels for launching Risk Based Capital(RBC).One for developing framework and another for implementing RBC system.
The panel, which will supervise “Establishment of framework for RBC will be headed by PK Arora, member, Actuarial, IRDA. while other one for “Developing and Implementing Risk Based supervisory Framework” will be headed by K Ganesh,member, Life.
For supervising a team for “Developing ecosystem on Insurtech and allied technologies for insurance”, the panel will be again be headed by Joshi.
Lastly, for “Strengthening grievance redressal mechanism and development of appropriate monitoring and feedback framework driven by technology’’, the team will be supervised by a panel headed by S. N. Rajeswari, member, Distribution,IRDAI.
Meanwhile, in a reshuffle after Debasish Panda took charge as the chairman of IRDAI, SN Jaysimhan has been posted as chief general manager(CGM) of Intermediaries department, Meena Kumari has been made CGM, Life department and SP Chakraborty has been shifted as CGM, Actuarial department.