Latest news with #DebasishPanda
Indian Express
15-05-2025
- Business
- Indian Express
IRDAI remains headless for 2 months after former Chairman's exit
Over two months after Debasish Panda's tenure as chairman of the Insurance Regulatory and Development Authority of India (IRDAI) ended on March 13 this year, the government is yet to announce a new chief for the top post in the regulatory body. The government advertised for a new chairman for Hyderabad-based IRDAI, just four days before the end of Panda's tenure. 'Ideally a new chairman should have been appointed on the day Panda retired. Insurance is an important sector. Its chairman should be guiding the sector at a time when the government has allowed 100 per cent FDI in the insurance sector and the government is pushing for 'insurance for all by 2047'. Many of the reforms in the sector are pending for the arrival of the new chairman,' said an insurance sector official. The insurance sector, which mobilised a whopping Rs 7 lakh crore as premium income in FY25, is a key player in the country's growth since it's a leading investor in the country's capital market and government securities. The government appointed Sanjay Malhotra as the Governor at the Reserve Bank of India (RBI) in December 2024 and Tuhin Kanta Pandey as the Chairman of the Securities and Exchange Board of India (SEBI) in March 2025 without wasting time and they took over the very next day after their predecessors' tenure ended. Meanwhile, the government on Wednesday appointed Ratnakar Patnaik, Executive Director (Investment – Front Office) & Chief Investment Officer, and Dinesh Pant, Executive Director (Actuarial) as the Managing Directors of the Life Insurance Corporation of India (LIC), the largest financial institution in the country. The IRDAI is awaiting its new chairman at a time when health insurance premium is rising sharply in the wake of higher medical inflation and claims. Further, the government is also planning to go for major reforms in the insurance sector and IRDAI has appointed a committee to examine the reforms in the sector. The non-life insurance sector had reported a gross premium income of Rs 3.07 lakh crore for FY25 and the life sector mobilised Rs 3.97 lakh crore as premium income. The industry is awaiting the launch of Bima Sugam, announced during Panda's tenure, an ambitious platform aimed at democratising insurance in India, potentially becoming the first of its kind globally. This single-window digital platform will serve as a comprehensive marketplace where consumers can compare, purchase, and manage insurance policies across life, health and general insurance sectors. As in the case of the RBI and capital market regulator SEBI, the government is likely to consider one of the serving top bureaucrats or a retired person for the IRDAI chairmanship. While all the selections for the top posts of regulatory bodies are supposed to be done by the Financial Sector Regulatory Appointment Search Committee (FSRASC) headed by the Cabinet Secretary, both the recent appointments – RBI Governor and SEBI Chairman – were done directly by the government without holding any interviews. Applicants for the IRDAI top post should preferably have at least 30 years of relevant work experience, should have worked as Secretary to Government of India or its equivalent level in Government of India or state government or other institutions. They should have had a proven track record of leadership and authority in decision-making. Applicants from the private sector should have worked as CEO or equivalent of a large financial institution. The appointment will be made by the Central government on the recommendation of the FSRASC. The committee is also free to identify and recommend, based on merit, any person other than those who have applied for the office. In respect of outstanding candidates, the committee may also recommend relaxation in eligibility, qualifications and experience criteria.
Time of India
24-04-2025
- Business
- Time of India
Industry for insurance repository offering claim-related services
The insurance regulator is reviewing an industry proposal to let insurance repositories offer claims-related services to policyholders. At present there are four insurance repositories in India which allow policyholders to store all their insurance policies electronically in a single e-Insurance Account (eIA). The proposal was submitted during the tenure of former Insurance Regulatory and Development Authority of India (IRDAI) chairman Debasish Panda, who retired last month, and a final decision might take place once his replacement takes over, said officials familiar with the matter. "Insurance repositories have suggested different mechanisms to offer value-added services (VAS). They are being evaluated, and any decision will be taken after consultation with other stakeholders, including insurance firms," said one of the officials, who did not wish to be identified. Industry executives said while the 2015 IRDAI guidelines on insurance repositories allow premier services to be offered to eIA holders from the Insurance Repository (IR) system, they should be within the overall ambit of "outsourcing guidelines" issued by the regulator to insurers. "A clarification on the matter will help all stakeholders, including policyholders, as they will be able to get faster settlement of their claims," an executive said on condition of anonymity. The health claim ratio of stand-alone health insurers stands at 88.55%, as per the latest data. "With the proposed opening up of the sector, we expect more players and a demand for these premier services," said the executive. The government may introduce the Insurance Amendment Bill , which proposes 100% foreign direct investment in the sector, in the upcoming monsoon session of the Parliament, said people in the know. According to Latesh Shetty, chief executive of Centrico Insurance Repository , a common digital assignment platform, can be a one-stop solution for the unique challenges faced by policyholders, insurance companies and even banks. "On top of this, other VAS products can be built, including claims where insurance repositories can represent their customers and manage eligible claims to be processed as a value-added service for a nominal charge from lodgement to payout end-to-end," he said, adding that if the regulator permits, the company would explore this opportunity. The government is already working with insurance firms and the IRDAI on the National Health Claims Exchange (NHCX) platform, which seeks to streamline and standardise processing of health insurance claims . Last year, the IRDAI had issued a directive that the insurer must grant the final authorisation within three hours of receiving the receipt of the discharge request from the hospital.
