The non-life insurance industry received a boost from the Prime Minister initiated insurance schemes and reflected more than 12% growth during the first quarter of the financial year 2015-16. Confident of crossing the milestone of `100,000 crore, General Insurance Council (GIC) aims to establish the industry as one of the most significant financial services industry in India.
The GIC has been constituted as a self-regulatory body and its Executive Committee (EC) restructured as per the provisions of the Insurance Laws (Amendment) Bill, 2015. The council represents all non-life, health insurance, and reinsurance companies registered with IRDAI.
The EC is designed to constitute four elected members from the industry, five nominated by the IRDAI amongst surveyors, policyholders, TPAs, loss assessors, etc. and one expert from outside the industry.
In the reconstitution of the Executive Committee (EC), the GIC have not delegated any representation to insurance brokers, as per the provisions of the Bill.
Aggrieved with this, the insurance brokers' association is looking forward to structured meetings and formal discussions with an agenda. GIC Secretary General R. Chandrasekaran remarked, "GI Council will invite the brokers' association for a structured meeting held, especially when issues impacting the association are discussed in the EC."
Every member of the EC is expected to work with the insurance firms guiding them to adopt sound conduct and best practices in their duties and functions towards policyholders.