Debasish Panda, chairman, IRDAI
The 2-day meet on Jan 23rd and 25th will be participated by CEOs of life and general insurance industry respectively
Hyderabad:
Debasish Panda, chairman, IRDAI, will be addressing the last Bima Manthan meet of FY 2023-24 on Thursday in Hyderabad.
The 2-day meet, 5th edition of Bima Manthan, to be held on Jan 23rd and 25th will be participated by CEOs of life and general insurance industry respectively.
However, the reinsurers, including foreign reinsurance branches, are not participating in the latest Bima Manthan.
Originally, it was proposed to happen on Monday but got postponed to Tuesday as Jan 22 has been declared as a half-day holiday by the government of India on the occasion of consecration ceremony at the Ram temple in Ayodhya.
Though the exact agenda is not known for the forthcoming Bima Manthan, the regulator is expected discuss a few issues which were tabled in the last Bima Manthan held in September, 2023.
The fourth edition of Bima Manthan had deliberated 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).
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
Last week, Thomas Devasia, member, Non-Life had said with the launch of the state insurance plan in 2023, the IRDAI has formalised and is working forward on a strategy of insurance inclusion and mission of Insurance for All by 2047.
“The next significant insurance reforms in the Indian insurance industry will be the rolling out of IFRS 17 equivalent and Ind AS117 our won risk based model ,’’ he had said while addressing an event in Mumbai.