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IRDA for early passage of Insurance Amendment Bill, Gibna Bill
Insurance Regulatory and Development Authority on Thursday pressed for passage of bills to convert GIC into national re-insurer and allow brokers in the emerging sector in the budget session.
Insurance Regulatory and Development Authority on Thursday pressed for passage of bills to
convert GIC into national re-insurer and allow brokers in the emerging sector in the budget session.
The two bills -- Insurance Amendment Bill and General Insurance Business Nationalisation Amendment (GIBNA) Bill-- which are now with standing committee on finance, are intended to make Indian insurance industry at par with global market. “We have made a special request to the committee to present their report on these two pending bills before budget. If the government agrees with the report, the bills would be passed in the budget session,” IRDA chairman N Rangachary said at the global conference of actuaries at FICCI.
The passage of GIBNA Bill would enable General Insurance Corporation (GIC) to hand over its equity in New India Assurance, National Insurance, Oriental Insurance and United India Insurance to government, and convert itself into national re-insurer. Rangachary said the insurance amendment bill deals with entry of brokers and cooperatives in the emerging sector.
The bill also lays down the norms for distribution of surplus between policyholders and stakeholders, payment of premium through other means like credit cards and issues pertaining to training of agents. The Institute of Actuaries of India (ASI) Bill is also pending with the government, the society's President N R Kapadia said.
An actuary is responsible for framing of insurance products taking into account life expectancy and other factors.
Bureau Report
The two bills -- Insurance Amendment Bill and General Insurance Business Nationalisation Amendment (GIBNA) Bill-- which are now with standing committee on finance, are intended to make Indian insurance industry at par with global market. “We have made a special request to the committee to present their report on these two pending bills before budget. If the government agrees with the report, the bills would be passed in the budget session,” IRDA chairman N Rangachary said at the global conference of actuaries at FICCI.
The passage of GIBNA Bill would enable General Insurance Corporation (GIC) to hand over its equity in New India Assurance, National Insurance, Oriental Insurance and United India Insurance to government, and convert itself into national re-insurer. Rangachary said the insurance amendment bill deals with entry of brokers and cooperatives in the emerging sector.
The bill also lays down the norms for distribution of surplus between policyholders and stakeholders, payment of premium through other means like credit cards and issues pertaining to training of agents. The Institute of Actuaries of India (ASI) Bill is also pending with the government, the society's President N R Kapadia said.
An actuary is responsible for framing of insurance products taking into account life expectancy and other factors.
Bureau Report