annual report 2009-10 - IRDA

ANNUAL REPORT 2009-10TABLE 69STATUS OF GRIEVANCES - NON-LIFE INSURERS(APRIL - JUNE 2010)Insurer Outstanding Grievances Resolved Outstandingas on Reported During as on31.3.2010 during April to June 2010 30.06.2010April to June 2010Public 427 373 127 673(15.88)Private 129 311 161 279(36.60)Total 556 684 288 952(23.23)Note: Figures in brackets are percentage of the grievances resolved during April to June 2010.6. INSURANCE ASSOCIATION AND INSURANCECOUNCILSLIFE INSURANCE COUNCILII.6.1 The Life Insurance Council is a body set upunder section 64C of the Insurance Act, 1938. All lifeinsurers who have been granted certificate ofregistration by IRDA, are members of the Council andare represented by their respective CEOs. The Councilhas two nominee members from the IRDA, one ofwhom is the Chairman of the Council. The SecretaryGeneral functions as the Chief Executive of theCouncil. During 2009-10, the Council met six times.The Council carries out it consultative work throughthe standing sub-committees. In addition, as and whenspecific areas of work are taken up, ‘working groups’are constituted, to discuss and address emergingissues from time to time. The committee-basedapproach ensures participation by and valuablecontribution from a wide cross-section of seniorexecutives from the industry in very diverse areas ofoperations of life insurance.The details of the various activities taken up by theLife Insurance Council during 2009-10 are indicatedbelow:II.6.2 The sub-committee of Chief Financial Officers(CFOs) met three times during the year. Theirmeetings were focused on various issues relating topre-budget memorandum for the Union Budget2010-11, Service Tax exemption, New Direct TaxCode and IFRS. This Committee actively heldconsultations through a series of core group meetingto finalise the recommendations of the life industry onthe proposed Direct Tax Code. A core group of CFOsheaded by the Secretary General of the Life Councilmet senior officials of IRDA in December 2009 to seekclarifications on the Disclosure Requirementsstipulated by the Authority for the life insuranceindustry.II.6.3 The Human Resources and AdministrationCommittee was re-constituted during 2009-10. TheCommittee met twice during the year. Besidesfinalising the appraisal system for the employees ofthe life Council; the committee deliberated on thecreation of a database of terminated employees forreasons other than their non-performance. Thecommittee also deliberated on the idea of preparing acommon curriculum for the insurance industry withendorsement from an authorised credible entity.II.6.4 The Statistical Data sub-committee met formallytwice in 2009-10. The sub-committee has taken upfurther work on examining the various data points andadditional requirements of data availability by variousstakeholders including the industry, regulator andpublic. The collection and publication of data is sharedwith the media with a view to improving awarenessabout the performance of the life insurance industry.II.6.5 The Legal and Compliance sub-committee metthree times during 2009-10. Several importantrecommendations were made by the committee ontopics like corporate governance, demat of life policies,combi products, etc.70