Hyderabad:
The insurance regulator IRDA has constituted a panel, with .R Chandrasekaran, former secretary general of General Insurnace Council, as its chairperson, to revisit the engineering products (which are as per the erstwhile tariffs) for the retail segment of products.
With continuous advancement in technology, engineering insurance requirements are constantly evolving. Customer expectations regarding insurance are changing significantly.There is a need to modify the current products under the engineering retail segment in line with the changing needs and demand, said the IRDAI.
Among the issues, the panel will revisit the product structures of the erstwhile engineering tariffs relevant for the retail category and make suitable recommendations for revising them.
-Recommend new suitable and appropriate standard products in line with advancements in technology, for the retail segment,
-Make recommendations regarding revisions to the general regulations in the tariffs and suggest framework relevant for the retail segment,
-Any other matter relating to Engineering Insurance relevant for Retail segment,
The working group wll submit its report in three months’ time. .