IRDAI sets up task forces to suggest steps to resolve insurers’ issues

IRDAI said it has set up two task forces to suggest steps to sort out issues between insurers and re-insurers. The decision by the 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.