Regulator forms group to propose guidelines for insurers in free-pricing era

The IRDAI has constituted a task force to suggest solutions and guidelines once the regulator liberalises tariffs that are now imposed on the sector.

The task force is required to address associated critical operational aspects as guidance for insurers.

In a statement, the IRDAI says that the terms of reference of the task force are:

1) To recommend a principle-based framework of matters to be addressed

2) To suggest guidelines for de-tariffed lines of business.

The IRDAI has examined the recommendations of a working group formed to suggest the regulatory framework after existing tariffs are removed. After liberalisation, the conduct of general insurance will be guided by principle-based guidelines. Insurers are already enabled on product design with “Product Filing Guidelines for General Insurance Business”.

The task force is headed by Rajendra Beri, a member of the IRDAI’s Insurance Advisory Committee (IAC). , consisting also of representatives from the following companies:

1.  New India Assurance
2. HDFC Ergo General Insurance
3. Bajaj Allianz General Insurance
4. Go Digit General Insurance
5. Royal Sundaram General Insurance
6. General Insurance Corporation of India
7. Randip Singh Jagpal, IRDAI executive director (Non-life), convenor.