annual report 2008-09 - IRDA

ANNUAL REPORT 2008-09
c) IMTPIP
• Co-ordinated with IRDA & GIC Re on issues
relating to the Indian Market Motor Pool for
Commercial Vehicle;
• Presented a report for simplified administration
of the IMTPIP to IRDA;
• Activated all the committees to ensure smooth
functioning of the Pool.
d) Others
• Organized Chief Underwriters’ Conference to
sensitize the Underwriters on the need to practice
scientific underwriting based on risk perception;
• Continued project for sharing of data on losses
over Rs. 50 lakhs in Fire, Engineering and Marine
Port-folios amongst the Companies;
• Co-ordinated the views of the Industry on loss
limits and categorization of surveyors.
B. Legislative
Furnished Industry’s comments / observations
to IRDA/Ministry on;
(1) Amendments to Motor Vehicles Act,
(2) Carriage of Goods by Road Rules
(3) Bill on Amendments to Insurance Laws,
C. Administrative
• Common approach amongst the insurers for
responding to “Tenders for Insurance Protection”
• Facilitated revision of coinsurance agreement;
• Requested exemption to General Insurance
Companies from complying with limits of
expenses under Sec.40C(1) of the Insurance Act
read with Rule 17E;
• Represented to IRDA on calculation of Solvency
Margin of General Insurers.
• Obtained approval for one-page format for Motor
Policies to improve delivery to the customers and
cut operational expenses for the industry;
D. Accounts and Taxation
• Taken up the issue of TDS on Re-insurance
Premium
• Put up Industry’s Proposals for Union Budget
2009-2010
• Maximised use of electronic mode of payment
for large value transactions as directed by RBI /
IRDA.
E. Investments
Obtained consensus and put forth Industry’s views
on classification & accounting norms for investment
portfolio.
F. International
Signed Co-operation Agreement with Association of
Tanzania Insurers and continued liaison with Insurers’
Associations of other countries for information-sharing
and mutual cooperation;
Received delegates from General Insurance
Association of Japan (GIAJ) and German Insurance
Association (GDV) Berlin, who visited the Council for
sharing of information pertaining to their markets.
G. Others:
Responded to IRDA with Industry’s views on:
• Publicity Campaign and consumer Awareness
Initiatives;
• Approach to Review of the Agency Licensing
Web Portal and the Examination System for
Agents;
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