Lto R- Narendra Kumar Bharindwal, president, IBAI,Nirmala Sitharaman, Union Minister for Finance and Corporate Affairs, Rashmi Iyer, director, IBAI
Nirmala Sitharaman, Union Minister, Finance & Corporate Affairs
Embed suitable insurance covers with Mudra Loans, ensuring protection for entrepreneurs and small borrowers
Payment of insurance premium for vulnerable groups and adoption of villages under insurance for all as eligible CSR expenditure
Mumbai: The Insurance Brokers Association of India (IBAI), representing over 750 licensed insurance brokers across the country has submitted a charter of demands to Nirmala Sitharaman, Finance & Corporate Affairs, for growth and insurance penetration in the country.
The association, led by Narendra Bharindwal, president, IBAI, met Sitharaman on 6th October and noted that the GST exemption on retail health and select life insurance products will bring significant relief to policyholders.
IBAI also submitted a set proposals to further strengthen insurance penetration and policyholder protection in India.
-embed suitable insurance covers with Mudra Loans, ensuring protection for entrepreneurs and small borrowers,
-declare 19th April—the founding day of IRDAI—as National Insurance Awareness & Policyholder Day, to mobilise nationwide awareness,
-Payment of insurance premium for vulnerable groups and adoption of villages under insurance for all as eligible CSR expenditure,
-introduce a Risk-Based Insurance Oversight Framework in line with global best practices to promote stability and transparency,
-setting up a unified, technology-driven platform to streamline claim settlements and grievance handling across all insurers for the benefit of policyholders.
Bharindwal said,“ IBAI can provide support in the form of data, research insights, stakeholder consultation, and coordination assistance to the Ministry of Finance, IRDAI, and other relevant stakeholders for embedded coverage, and stronger governance frameworks in the insurance industry.”