Regulator IRDAI on Monday said it has set up two task forces to suggest steps to sort out issues between insurers and re-insurers.
The decision by the Insurance Regulatory and Development Authority of India (IRDAI) follows meetings with representatives of life and non-life insurers and reinsurers in Hyderabad recently. The discussions at the 'Bima Manthan' were held on the issues and concerns related to reinsurance support to further increase in insurance penetration in India.
A nine-member panel has been set up to sort out the issues between non-life insurers and re-insurers. Bhargav Dasgupta, MD and CEO of ICICI Lombard General, has been named the chairman of the panel.
The second task force, comprising seven members, will look at the life insurance segment and re-insurers. It is headed by Naveen Tahilyani, CEO and MD, Tata AIA Life Insurance.
The panel on life insurance has been asked to study and make recommendations on stabilisation of reinsurance rates, capacity constraints with reinsurers, securitisation of mortality risk and financial reinsurance solutions, among others.
The panel headed by Dasgupta has been tasked to suggest steps on applicability of compliance requirement, and faster settlement and payment mechanism among the re-insurers and cross border re-insurers (CBRs), among others.
The task forces have been asked to file their reports within three weeks.
