MINUTES OF THE 102ndMEETING OF THE AUTHORITY
held on 28thSeptember, 2018 at 11.30 AM in Hyderabad
Present: Chairman Dr.Subhash C. Khuntia
Whole-time Member Ms PournimaGupte
Whole-time Member Shri NileshSathe
Whole-time Member Shri PJ Joseph
Whole-time Member Shri Sujay Banarji
Whole-time Member Shri Pravin Kutumbe
Part-time Member Smt. Sushama Nath
Part-time Member Shri Debasish Panda
Leave of absence:
Part-time Member Shri Naveen N D Gupta
Designated Officer Shri M. Pulla Rao, ED (Gen)
The Chairman welcomed all the Members present. Leave of absence was granted to the Part-time member Shri Naveen N D Gupta, President, ICAI.As the quorum was available, the agenda were taken up for consideration.
4. Quarterly statement of foreign tours undertaken by Chairman and Members for the period from 01/04/2018 to 30/06/2018
The Designated Officer submitted the quarterly statement of foreign tours undertaken by the Chairman and Members during the period from 1stApril to 30thJune, 2018and it was noted by the Authority. Shri Debasish Panda suggested for study visits to other insurance regulators to learn the best practices followed elsewhere and to replicate the same in India.
5. List of Circulars/Guidelines issued subsequent to those submitted for the purpose of being placed at the 101st meeting of the Authority held on 29/06/2018 up until 05/09/2018
The Designated Officer presented the agenda and the same was noted by the Authority.
17.Ratification of Circular No. IRDAI/HLT/GDL/CIR/144/09/2018, dated 5th September, 2018 -Extension of grace period and conversion of deposits into Health Insurance Policies in the flood affected State of Kerala and Districts of Karnataka
Executive Director (Health) presented the agenda. The Authority ratified the issue of Circular No. IRDAI/HLT/GDL/CIR/144/09/2018 dated 5th September, 2018.
18.Status of Public Disclosures by Non-Life and Life insurers for the Financial Year ended March,2018
The agenda was presented by the General Manager (F&A - Non-life) and General Manager (F&A – Life) for information. It was informed that all insurers had uploaded the requisite forms on website. The same was noted by the Authority.
21. Ratification of Circulars No. IRDAI/NL/CIR/MOT/137/08/2018 dated 28th August, 2018 and IRDAI/NL/CIR/MOT/154/09/2018 dated 19th September, 2018
Chief General Manager (Non-Life) presented the agenda and briefed the Authority about the orders dated 20th July, 2018 of the Hon’ble Supreme Court on mandatory long term third party insurance cover for new cars and two wheelers and also about the circular dated 28th August, 2018 issued in this regard.
The Authority ratified the issue of circular No. IRDAI/NL/CIR/MOT/137/08/2018 dated 28th August, 2018 and IRDAI/NL/CIR/MOT/154/09/2018 dated 19th September, 2018.
24. Ratification of Circular No. IRDAI/NL/CIR/MOTP/158/09/2018 dated 20th September, 2018
Chief General Manager (Non-Life) presented the agenda and briefed about the judgement dated 26th October, 2017 of the Hon’ble High Court of Judicature at Madras on enhancement in compulsory personal accident cover from Rs. 1 lakh to Rs 15 lakh.
The Authority ratified the issue of circular No. IRDAI/NL/CIR/MOTP/158/09/2018 dated 20th September, 2018 in this regard.
29.Ratification of Circular issued on “Extension of grace period for flood affected policyholders of the State of Kerala and Karnataka”
General Manager (Actuarial) stated that a circular had been issued for extending the grace period for flood affected Life insurance policyholders of the State of Kerala and Karnataka due to the urgency of the situation. The Authority ratified the issue of Circular No. IRDA/ACT/CIR/MISC/138/08/2018 dated 29th August, 2018.
31. Any other matter with the permission of the Chair – Shri Debasish Panda emphasized the need for the Authority to focus on matters relating to (i) developing common web-enabled real-time database for Private and Public insurers for monitoring purposes, (ii) time-frame for claims settlement, (iii) on-line grievance redressal mechanism and (iv) Surveyor management.
The meeting ended with a vote of thanks to all participants.