The new WG will examine framework surrounding the products in general insurance including Health Insurance segment for other than annual policies and for uniformity in the approach to be followed
Some of the other members of WG are-Neeerja Kapur, CMD, New India Assurance,Roopam Asthana, CEO , Liberty General Insurance, Rajive Kumaraswamy, MD&CEO, Magma HDI General Insurance, S Prakash, MD, Star Health & Allied Insurance, Jasleen Kohli,MD& CEO
Hydearabad,
Insurance Regulator IRDAI has formed a working group headed by Ritesh Kumar, MD& CEO, HDFC Ergo General Insurance to examine the feasibility of allowing long-term products in Property (Dwelling), Motor and Health Insurance.
Issuing one of his first orders Thomas Devasia, the newly appointed member,(Non-life) of IRDAI on Tuesday has said the WG has to submit its report in two weeks and will study the international practices applicable to such long-term products.
The new WG will examine framework surrounding the products in general insurance including Health Insurance segment for other than annual policies and for uniformity in the approach to be followed, said Devasia.
The WG will examine issues such as premium payment methods, accounting treatment and reserving methodology,product filing procedure, guidance and reporting requirement, possible steps for long term services and customer engagement, implications of cancellation and portability issues in long-term covers, possible steps to reduce the incidence of mis-selling and forced sale of policies.
Some of the other members of WG are-Neeerja Kapur, CMD, New India Assurance,Roopam Asthana, CEO , Liberty General Insurance, Rajive Kumaraswamy, MD&CEO, Magma HDI General Insurance, S Prakash, MD, Star Health & Allied Insurance. Sandeep Dadia, CEO, Aditya Birla Insurance Brokers, Jasleen Kohli, MD&CEO, Go Digit and a few actuaries from different insurance companies.
The IRDAI, has earlier issued circulars in respect products with more than one –year policy period offered by general insurers such as three-year Motor Third Party Insurtance cover for new cars,five year motor third party insurance cover for two-wheelers, Bharat Griha Raksha policy duration not more than 10 years.