The two-day gathering of re/insurers and others financial sector players also discussed on financial inclusion, micro insurance and focused on synergies that can be shared between the wide network of Micro Finance Institutions, non-banking finance companies, and Small finance banks (SFBs), etc. and the Indian insurance industry
Hyderabad:
The fourth edition of Bima Manthan – a periodic meeting with the CEOs of insurance and reinsurance Companies, held on Sept 4-5 in Hyderabad, organised by the IRDAI, discussed range of issues including progress made by insurance industry and strategies to accelerate State Insurance Plan (SIP),implementation of Risk Based Capital Framework (RBC), Risk Based Supervision Framework (RBSF) and International Financial Reporting Standards (IFRS).
The two-day gathering also deliberated on financial inclusion, micro insurance and focused on synergies that can be shared between the wide network of Micro Finance Institutions (MFIs), non-banking finance companies (NBFC), and Small finance banks (SFBs), etc. and the Indian insurance industry.
SIP is a major enabler in reaching the last mile wherein states/UTs have been assigned to insurers with an objective of expanding access to insurance across the length and breadth of the state, said IRDAI in a release.
The progress made towards implementation of Risk Based Capital Framework (RBC), Risk Based Supervision Framework (RBSF) and International Financial Reporting Standards (IFRS) was also discussed, added IRDAI..
It was highlighted that first Quantitative Impact Study (QIS-1) under RBC has already been rolled out and first pilot exercise under RBSF has also been commenced.
The glide path outlined for adoption of IFRS to be implemented after notification of the standard was also briefed to the insurers and strong enthusiasm and commitment was displayed by the industry for transitioning into a future ready, principle based architecture.
The CEOs of Micro Finance Institutions Network (MFIN) and Sa-Dhan, the Self-Regulatory Organizations registered with Reserve Bank of India (RBI) also interacted with the insurance industry offering perspective on financial inclusion, micro insurance and focused on synergies that can be shared between the wide network of MFIs, NBFC, SFBs, etc. and
insurance industry.
As emphasis was also placed on ensuring Availability, Accessibility and Affordability of insurance, they also threw light upon the market they cater to and the ways in which insurers can harness it to increase insurance penetration in the country.
. In this context, detailed deliberations were carried out to understand the various types of products needed to cater the dynamic requirements and importance of increasing the geographical presence of insurance companies & enhancing the distribution strategies to increase accessibility, thus moving towards the mission of Insurance for All.