annual report 2009-10 - IRDA

ANNUAL REPORT 2009-10TABLE 54DURATION-WISE SETTLEMENT OF DEATH CLAIMS IN MICRO INSURANCEGROUP CATEGORY — 2009-10(No. of Policies)InsurerDurationWithin 30 Days 31 to 90 91 to 180 181 Days More than Total Claimsof Intimation Days Days to 1 Year 1 Year SettledPrivate 2176 83 22 5 2 2288(95.10) (3.63) (0.96) (0.22) (0.09)LIC 41059 116 0 0 0 41175(99.72) (0.28) (0.00) (0.00) (0.00)Total 43235 199 22 5 2 43463(99.48) (0.46) (0.05) (0.01) (0.00)Note: Figures in brackets show percentage of total claims settled.Non-Life Insurance SectorI.4.11.10 There are a number of products offered byall registered general insurance companies targetinglow income segment of the population. These includeJanata Personal Accident Policy, Gramin PersonalAccident Policy, Cattle/Livestock insurance etc.Further, there are a number of tailor-made/ groupmicro insurance policies offered by private and publicinsurers for the benefit of these segments. Microinsurance being a low-price, high-volume business,its success and sustainability depends mainly onkeeping the transaction costs down.I.4.11.11 Section 32B and 32C of the Insurance Act,1938 and IRDA (Obligations of insurers to Rural orSocial Sector) Regulations, 2002 stipulates obligationsto insurers in respect of rural and social sector, whichhave also contributed towards development andpromotion of micro insurance products by insurers inthe country.4.12 DIRECTIONS, ORDERS AND REGULATIONSISSUED BY THE AUTHORITYI.4.12.1 The Authority issued a number of Circulars,Directions and Orders during 2009-10. The list of allsuch Circulars, Directions and Orders are placed atAnnex 8. The Annex covers all such Circulars,Directions and Orders issued during the year underreport till 30 th September, 2010. In addition, the detailsof all Regulations notified by the Authority till30 th September, 2010 are placed at Annex 9.4.13 RIGHT TO INFORMATION (RTI) ACT, 2005.I.4.13.1 During 2009-10, the Authority nominated thefollowing officers as Public Information Officers (PIO)under the Section 19 (1) of RTI Act, 2005.No. Name of the CPIO Subject related to1 Prabodh Chander Non-Life, Hindi, HealthInsurance, Legal andIntermediaries2 K Subrahmanyam Actuarial3 Kunnel Prem Life Insurance4 A. Giridhar Inspections, ConsumerAffairs, Accounts,Administration,Information Technology,Agents and AgentsTraining InstitutesDr. R Kannan, Member (Actuary) was nominated as AppellateAuthority under Section 19 of the RTI Act. Prior to this, C RMuralidharan was the Appellate Authority till 3 rd November,2009.57