Non-life panel headed by Bhargav Dasgupta, MD and CEO, ICICI Lombard General Insurance, to deliberate on issues like Obligatory Cession, Cession cap on cross boarder reinsurers, introduction of emerging risk transfer solutions (ART, ILS, CAT bonds etc.), and suggestions on the Order of Preference
Issues like Securitization of Mortality Risk and Financial Reinsurance solutions will be examined by the life panel headed by Naveen Tahilyani, MD and CEO, Tata AIA Life Insurance
Hyderabad:
The Insurance Regulatory and Development Authority of India (IRDAI) on Monday has constituted two separate task forces, to sort out various reinsurance issues in life insurance and non-life insurance sectors.
Both the panels have been asked to submit their reports in three weeks.
A nine-member committee headed by Bhargav Dasgupta, MD and CEO, ICICI Lombard General Insurance has been formed to study the problems between general insurers and reinsurance companies and while another seven-member committee headed by Naveen Tahilyani, MD and CEO, Tata AIA Life Insurance, has been constituted to identify various problems and suggest solutions relating to life insurers and reinsurance companies.
The terms of reference of the Dasgupta committee are Obligatory Cession (commissions do not reflect Industry cost structure and profit Commission methodology), applicability of compliance requirement regarding claims, social & rural sector obligations, TAT(turn around time) on reinsurers, suggestions on the Order of Preference,Concerns on delay in quotes by reinsurers, Cession cap on cross boarder reinsurers, foreign note (FRN) issuance process, Domestic treaty participation for Insurers, Matters related to event limit in proportional treaties and Reinsurance support on social insurance schemes (covid, PMSBY, pools etc.), introduction of emerging risk transfer solutions (ART, ILS, CAT bonds etc.), and Faster settlement and payment digital mechanism (exchange) among the reinsurers and CBRs.
The terms of reference of the Tahilyani committee are: Stabilization of Reinsurance rates,The applicability of compliance requirement regarding claims, social & rural sector obligations, TAT etc. on reinsurers, Concerns w.r.t. delay in quotes by reinsurers, Capacity constraints per life with reinsurers, Provision of Facultative Reinsurance support, FRN issuance process, Reinsurance support on social insurance schemes (covid, PMJJBY etc.), Securitization of Mortality Risk, Financial Reinsurance solutions and Faster settlement and payment digital mechanism (exchange) among the reinsurers and CBRs.
Various issues and concerns related to reinsurance support to further increase insurance penetration in India were identified during the recent meetings- called as Bima Manthan- among the IRDAI, CEOs life insurers, non-life insurers and reinsurers, said the IRDAI.
Some of the members of non-life panels are Paritosh Tripathi, MD & CEO,SBI General,Madhulika Bhaskar, general manager, New India Assurance, S. Prakash, MD, Star Health, Parag Gupta, CEO,SCOR RE India, Girija Subramanian, GM, GIC Re and Ankur Gupta,Head (Client Mgt),Munich Re India
Some of the members in the life insurance panel are B C Patnaik, MD, LIC, Abhay Tiwari, MD & CEO,Star Union Dai-ichi Life,,Hadi T Riachi,CEO, Swiss Re India, FRB, Srinivasa RaoMD (Life),Munich Re India, FRB