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ANNUAL REPORT 2011-12<br />
products. Of the 30 products, 18 are Individual products<br />
and the remaining 12 are Group products.<br />
I.4.11.5 The Authority is reviewing the Micro Insurance<br />
Regulations, 2005 comprehensively. In this connection,<br />
the Authority has already released an exposure draft<br />
on 26 th July, 2012 with the proposal to expand the<br />
definition of Micro Insurance Agency, and to reexamine<br />
the defi nition of a Micro Insurance Product.<br />
I.4.11.6 The duration-wise settlement of death claims<br />
under individual and group category are given in<br />
Tables I.55 and I.56.<br />
Non-life Insurance Sector<br />
I.4.11.7 A number of products are offered by non-life<br />
insurers targeting low income segment of the<br />
population. These products include Janata Personal<br />
Accident Policy, Gramin Personal Accident Policy,<br />
Cattle/Livestock insurance, etc. Further, there are a<br />
number of tailor-made/ group micro insurance policies<br />
offered by both private and public sector insurers for<br />
the benefi t of these segments of the society. Micro<br />
insurance being a low price, high volume business,<br />
its success and sustainability depends mainly on<br />
keeping the transaction costs down.<br />
I.4.11.8 It would be recalled that section 32B and 32C<br />
of the Insurance Act, 1938 and <strong>IRDA</strong> (Obligations of<br />
insurers to rural or social sectors) Regulations stipulate<br />
obligations of insurers in respect of rural and social<br />
sector. These stipulations have also contributed a lot<br />
in development and promotion of micro insurance<br />
products by insurers in India.<br />
I.4.12 DIRECTIONS, ORDERS AND REGULATIONS<br />
ISSUED BY THE AUTHORITY<br />
I.4.12.1 The Authority issued a number of Circulars,<br />
Directions and Orders during 2011-12. The list of all<br />
such Circulars, Directions and Orders which were<br />
issued during the period from 1 st April, 2011 to<br />
31 st March, 2012 are placed at Annexure No.9. In<br />
addition, the details of all Regulations notifi ed by the<br />
TABLE I.57<br />
LIST OF CENTRAL PUBLIC INFORMATION OFFICERS<br />
No. Name of the CPIO Department Functional Areas<br />
1. Shri S P Chakrabarty Actuarial Actuarial Returns, Appointed Actuary System, File & Use of Life<br />
Products and other actuarial matters.<br />
2. Shri D V S Ramesh Life Life Returns, Market conduct issues, Micro Insurance, approval of<br />
Branch Offi ces of Insurers etc.<br />
3. Shri N M Behera Non-Life (Health) Health Insurance related issues.<br />
4. Shri K Sridhar Non-Life Reinsurance, File & Use of products, Surveyors, Approval of Branch<br />
Offi ces of Insurers and other matters relating to Non-life Insurers and<br />
Reinsurer(s).<br />
5. Shri K Mahipal Reddy Non-Life (Broker &TPA) Brokers & Third Party Administrators (TPAs).<br />
6. Shri Mahesh Aggarwal Finance & Investment Accounts & Investments of Insurers and also registration of new<br />
Insurers, approval, appointment and remuneration of CEOs of Insurers<br />
etc.<br />
7. Shri K Srinivas Consumer Affairs Protection of interest of Policyholders both life and non-life (Grievances,<br />
Advertisements, Ombudsmen etc).<br />
8. Shri B Raghavan Administration HR, Recruitment and training, Promotions, Vigilance etc. and offi cer<br />
services, IT, International Affairs, Internal Audit and Legal Affairs and<br />
any other residual matters.<br />
9 Shri Rajeshwar Gangula Agency Agents, Corporate Agents, ATI (Agents Training Institutions) and<br />
Referrals<br />
73
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