IRDA chairman Debasish Panda will address CEOs of general insurance companies, SAHI companies and reinsurers on March 1. On March 2, Panda will meet all the CEOs of the industry in the morning session and CEOs of only life insurance companies and reinsurance companies in the afternoon session.

Though, the agenda for the meet, is yet to be circulated among the CEOs, along with other issues, one of the important agenda that may be discussed is the reports of the  Regulatory Review Committee(RRC) set up by both the councils-General Insurance Council and Life Insurance Council at the instance of the IRDAI

Hyderabad/New Delhi:

Even as the government is gearing up to introduce Bills on Insurance Amendments in Parliament any time now, Insurance regulator IRDAI has convened a 2-day meeting of CEOs of the Indian insurance industry on March 1-2 in Hyderabad to take stock of developments in the sector including the agenda set in the last two such meets called `Bima Manthan’.

Around 65 CEOs from general insurance companies, stand alone health insurance(SAHI) companies, life insurance companies and Foreign Reinsurance Branches(FRBs) and GIC Re have been invited for the meet.

IRDA chairman Debasish Panda will address CEOs of general insurance companies, SAHI companies and reinsurers on March 1. On Mar 2, Panda will meet all the CEOs of the industry in the morning session and CEOs of only life insurance companies and reinsurance companies in the afternoon session.

Though, the agenda for the meet is yet to be circulated among the CEOs, along with other issues, one of the important issues that may be discussed is the the reports of the  Regulatory Review Committee(RRC) set up by both the councils-General Insurance Council and Life Insurance Council at the instance of the IRDAI.

The RRC is co-chaired by Tapan Snghel,MD & CEO, Bajaj Allianz General Insurance and NS Kanan, MD & CEO , ICICI Prudential Life Insurance.

Recently, RRC had roped in Cyril Amarchand Mangaldas, to prepare a blue print for a complete overhaul of the regulatory framework of the Indian insurance industry as outlined by IRDAI chairman, Debasish Panda.

“Cyril Amarchand Mangaldas was mandated to rationalise the existing extensive regulations into just half a dozen of regulations for the streamlining the regulatory framework,” said sources.

The legal firm has already submitted its reports for both life and general insurance industry which may be discussed in details in the 2-day CEO meet, before changing the existing regulatory framework. said industry sources.

Also ,it is expected that the CEO and IRDAI will discuss about a few issues which were deliberated upon in the last two meets of CEOs.

Bima Sugam, that is supposed to be game changing platform for the Indian insurance industry after facing initial delay, is now making progress with some changes in the orginal plans in terms of stake holders.

The plans and new deadline may also be discussed in the 2-day meet.

Among other changes, the insurance industry is now eagerly waiting for the new IRDAI norms on expenses of management(EoM) that will provide larger space for incurring expenses on marketing and distribution for private sector insurers.