IRDAI will establish a property insurance center
NEW DELHI: The Insurance Regulatory and Development Authority of India (IRDAI) agreed on.
Thursday to establish two centers for auto insurance and property insurance, as well as an advisory council, with the overarching goal of promoting loss prevention methods in the general insurance market.
“It has been agreed to establish a property insurance hub at the National Insurance Academy (NIA) and a motor insurance hub at the Institute of Insurance and Risk Management (IIRM),” according to a statement from the Insurance Regulatory and Development Authority of India (IRDAI).
The decision to establish these centers was based on the suggestions of a working group in the general insurance sector on loss prevention and minimization.
As parallel, the NIA director will head an advisory council that will, along with other measures, construct a library of previous risk reporting requirements and integrating technology questionnaire systematically and comprehensively. Inside the advisory committee, there will be two sub-committees.The motor insurance panel will draft recommendations for vehicle inspection and standard operating procedures to be followed by vehicle owners in the case of a disaster.
Developing a map of high-exposure accident hotspots around the nation. Other tasks assigned to the panel include developing a standard matrix (score) to combine safety elements for each make and model of vehicle.
The homeowner’s insurance subcommittee will compile a database of historical risk reporting requirements and adopt standardized questionnaire report forms.
The advisory council, that has a two-year mandate, has been required to provide a progress report card to the IRDAI.
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