Monthly meeting of the General Insurance Council members on May 26th, 2023

     

The Council has been holding regular monthly meetings for the past few months to discuss and speed up action on critical issues facing the industry. The last monthly (virtual) meeting of the General Insurance Council (GI Council) members took place on May 26th, 2023, with most of the members companies in attendance. The meeting was chaired by Mr. Tapan Kumar Singhel, Chairman of the Council.

Various agenda items were discussed during the meeting. One of the topics was the representation sent to IRDAI (Insurance Regulatory and Development Authority of India) regarding coverage for persons with disabilities.

Another issue discussed was long-term policies, specifically accounting for premiums and commissions. It was agreed that a note would be circulated addressing these issues, and after seeking industry comments, a consolidated note would be prepared and presented to the authority.

The meeting also addressed the interpretation of regulations and decided to discuss this further in a separate meeting of the Committee of CEOs. Additional CEOs were inducted into the committee to address critical issues.

The meeting touched on the GI Council's transition into an effective Self-Regulatory Organization (SRO) and the ongoing Pan-India Insurance Awareness Campaign.

The meeting also covered topics such as Jan Suraksha Automation platform, common empanelment of hospitals, health inflation index, updates from the Insurance Information Bureau (IIB), Bima Sugam, and Bima Vistaar & Bima Vahak guidelines.