An eight member group will submit its report within three months.
IRDA has constituted an eight member working group to review file and use guidelines in order to simplify and improve products in general insurance space. The move was taken after implementation of new product guidelines in life and health insurance products which has created better transparency and simplified product structure.
A senior official of a mid-sized general insurance company said, “After implementing new product guidelines which came into effect from January 1 to make life and health insurance policies more transparent and customer friendly, IRDA has shifted its focus to improvement of general insurance product offerings.”
In a circular, IRDA said, “It is felt by the authority that a review of extant guidelines has to be undertaken to ensure that products are designed, marketed, sold and serviced ensuring that a viable, simple and useful product is available to consumers and is sustainable for insurers.”
The working group will be headed by Suresh Mathur, Senior Joint Director (Intermediary Department), IRDA. Other members are Pankaj Kumar Tewari, Deputy Director (Non-Life Department) IRDA, Anurag Rastogi of HDFC ERGO General, Arunachalam R of Cholamandalam General Insurance, Ashesh Anupam of Tata AIG General, Sanjay Dutta of ICICI Lombard, PK Mahapatra of United India Insurance and Anuja Shiromani of Oriental Insurance.
In an earlier such move, IRDA had de-tariffed premium structure under various segments like fire, engineering, motor OD and workmen compensation in January 2007.
The group will submit its report within three months.