BeYourMoneyManager, आपका पैसा, आप संभालें, Your Money, You Manage: Micro-insurance

1. Micro-Insurance is specifically intended for the protection of low -income people, with affordable insurance products to help them cope with and recover from financial losses;

2. Various schemes of the Government have created new opportunities for Micro-Insurance to reach the vast majority of the poor, including those working in the informal sector. Even so, market penetration for this segment is seen to be low in India;

3. In view of improving the Micro-Insurance penetration it is felt that, combination of Life, Non-Life and Health product are to be designed, which are simple, affordable and easy to understand for such class of people and may cater with their need for insurance protection;

4. Considering the above, the competent Authority has decided to set up a committee with the following members to look into the above aspects:

Sr. No.	Name	Designation	Organization	Chairperson / member
1	Ms. Yegna Priya Bharat	CGM	IRDAI	Chairperson
2	Ms. R.M. Vishakha	CEO	India First Life Insurance Co. Ltd.	Member
3	Ms. Sreedevi Nair	Regional Manager	The New India Assurance Co. Ltd.	Member
4	Mr. C.N. Chinnaswamy	Sr. V.P.	Star Health & Allied Ins. Co. Ltd.	Member
5	Mr. Shreekant Kumar	CEO	SEWA, Ahmedabad	Member
6	A. Rama Sudheer	Manager	IRDAI	Member / Convenor

5. The terms of reference of the committee are as below:

i) To review the existing regulatory framework on combi-products in India as well as in other jurisdictions and suggest improvements;

ii) To recommend on various combinations of Life, Non-Life, Health products suitable for micro-insurance segment, which shall be sustainable as per actuarial evaluations of such products;

iii) To recommend on design of products viz policy wordings, policy schedules, prospectus etc. for such combi-products;

iv) To recommend on the servicing aspects of such policies, where there is an involvement of more than one insurer;

v) Suggest on file and use procedures of such combi-products;

vi) Suggest on creating of effective awareness programme including training programme to the distribution channels;

vii) Any other related matter pertaining to product structure of micro insurance segment;

6. The Committee shall meet as often as required and submit its recommendations within three months of this order.

Committee on development of a concept paper on standalone Micro-Insurance Company

Committee on Development of a concept paper on standalone Micro- Insurance Company.

1. India has been seen to be a pioneer in the Micro-Insurance sector in the world and has provided an example with its Micro-Insurance regulations.

2. The IRDAI has received suggestions on allowing standalone insurers for transaction of exclusive Micro-Insurance business, as it may boost the Micro-Insurance penetration in India with geographical spread.

3. Considering the above, the competent Authority has decided to set up a committee with the following members to look into above aspects:

Sr. No.	Name	Designation	Organization	Chairperson / member
1	Ms. Mirai Chatterjee	Director	SEWA, Ahmedabad	Chairperson
2	Mr. Nachiket Mor	Independent Consultant	N.A.	Member
3	Mr. Mendiratta	Retd. ED	LIC of India	Member
4	Mr. Ajit Dayal	Founder	Quantum Mutual Fund	Member
5	Mr. Biswa Bandhu Mohanty	Retd. CGM	NABARD	Member
6	Ms. Tabassum Inamdar	Analyst	Banking and Financial Sector	Member
7	Dr. Mamta Suri	C.G.M.	IRDAI	Member
8	Mr. S.P. Chakraborty	G.M.	IRDAI	Member
9	Dr. N.M. Behera	Secretary	Office of the Insurance Ombudsman, Bhubaneshwar	Member
10	Mr. Aleem Afaque	A.G.M.	IRDAI	Member / Convenor

4. The terms of reference of the committee are:

a. To assess the desirability and feasibility of formation of standalone Micro-Insurance Companies;

b. To review the existing legal and regulatory framework to enable a standalone micro-insurance company Indian Insurance Company after analysing similar provisions in other jurisdictions;

c. Recommend on the maximum sum insured per person which may be accepted by the proposed micro-insurance Company;

d. Considering the aspect of ease of doing business, suggest on the applicability and or relaxation of extant Act / Regulatory provisions for proposed micro-insurance Company, which may be registered as an insurer. The indicative regulatory aspects are as under:

i) Capital and Solvency;

ii) Underwriting, Product and Claims;

iii) Finance and Accounting;

iv) Investments;

v) Operations;

vi) Corporate Governance;

vii) Others

e. Any other related matter;

5. The Committee shall meet as often as required and submit its recommendations within three months of this order.

(Source: irdai.gov.in)

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