annual report 2008-09 - IRDA

ANNUAL REPORT 2008-09
During 2008-09, there were 8 meetings of the
Executive Committee of the Council. In addition, the
Council had organized meetings of Underwriting
Executives, Heads of Health Insurance Departments,
CFOs, and other Senior Executives of the member-
Companies from time to time. The activities of these
forums will be taken forward to enhance camaraderie
and rapport amongst the Executives of Non-life
Insurers with the broad objectives of enhancing
customer service standards, maintaining market
discipline and development of non-life insurance
market in a healthy manner.
Towards this, the Council has been pursuing the
following broad agenda:
I. Initiate and encourage informed dialogue and
debate with all the stakeholders for promoting
non-life insurance market,
II.
III.
IV.
Represent industry’s perception and point of view
to the Government, IRDA and other policy and
opinion makers on the problems confronting the
industry as also promote increased cohesion and
cooperation between them.
Promote consumer education awareness and
service.
Promote distribution channels for development
of Non-life insurance.
V. Promote best global practices particularly in the
management of Health portfolio.
VI. Build up an integrated data base and data
repository for dissemination of information.
VII. Seek legislative and regulatory dispensations
necessary for achieving aforesaid objectives.
In pursuit of the above goals & objectives,
following activities & initiatives were taken:
A. Technical
a) Health
• Defined Pre-existing Diseases condition and
exclusion wordings and Companies implemented
them from 01.06.2008,
• Pursued sharing of data on all Health Policies,
where premium involved is more than Rs.50
lakhs and loss ratio is over 125%,
• Pursued level playing field between life and nonlife
insurers in Health portfolio,
• Submitted Industry’s response / feedback /
recommendations to IRDA on:
• Renewability and Portability of Health Insurance
Policies,
• Health Insurance for Senior Citizens,
• Health Insurance vis-à-vis evaluation of TPAs,
b) Motor
• Participated in Lok Adalats held by Hon’ble
Supreme Court and High Courts for expeditious
disposal of Motor T.P. Claim cases.
• Followed-up action on PIL petition filed by the
Council under Section 158(6) of the MV Act for
timely reporting of motor vehicle road accident
cases by the police to the MACTs and the
Insurance Companies;
• Compiled Gross written premium and incurred
claims statistics for Motor Insurance portfolio with
segregation between 2-wheeler, private car and
commercial vehicles for standalone TP policies
as well as comprehensive policies.
• Superdari case filed before Hon’ble Supreme
Court for re-possession of recovered vehicles in
theft cases,
• Co-ordination with SIAM and NCRB on
prevention of theft of vehicles and tracing stolen
vehicle,
• Convened meetings of (i) Sub-Committee for
negotiation of hike in Motor T.P. Premium with
Transporters’ Associations.
• Arranged defence on behalf of the Insurers in
PIL Petition No.38 of 2007 before Hon’ble High
Court at Mumbai filed by Shri Prakash C. Sheth.
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