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IRDA to unveil standard Term Policy and covers for MSME and small dwellings soon:Khuntia 

The guidelines regarding the standard products for term plans, dwelling and MSMEs will be rolled out soon by the regulator, said Subhash C Khuntia, chairman  Irdai, while addressing CIIs 22nd Insurance and Pension Summit on Thursday.
The segment regulator is also looking to introduce the risk-based solvency for the insurance companies in next three years. 

The regulator also believes that negative growth seen in the new premiums for insurance industry since March, will improve in the months to come. 

GIC Re to manage Rs 75k cr Pandemic Pool,mandatory cover & parametric claim payment:IRDA Panel

Pandemic pool,with public-private-government participation, to cater 4 crore MSME workers,around Rs2000 crores of capacity expected from the industry and a substantial capacity coming from government in the form of backstop. Multiple trigger mechanism will be set separately for an epidemic and a pandemic event.Participation will be mandatory for the sectors which have been covered under the pool. This can be provided as a Standalone Product coverage for the event or as an add-on with the existing products.
“We are now putting the report on the formation of Pandemic Pool for the public feed-back and will soon set up the Pool,” said SC Khuntia, chiarman, IRDAI..

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