Insurance Regulatory and Development Authority of India
Ref. No: IRDAI/REIN/ORD/RIN/141/7/2022
7th July, 2022
Order
Sub: Constitution of Task force to study and make recommendations on issues faced by Life Insurers and Reinsurers
1. Insurance Regulatory and Development Authority of India (IRDAI) has been taking steps to increase insurance penetration in India and has launched various initiatives with the broad objective of “Insurance for All”. The “Bima Manthan”, one of such initiatives, is a platform for continuous engagement of IRDAI and Insurance Industry Heads. IRDAI held the second bi-monthly meeting with the CEOs/MDs of Life Insurers and Reinsurers on 30th June 2022 at Hyderabad. Discussions were held on the issues/concerns related to reinsurance support to further increase insurance penetration in India.
2. To examine the matter in detail and to sort out the issues between Life Insurers and Reinsurers, it is decided to constitute a Task Force with the following participants:
| S. No. | Name | Designation | Organization | Chairman/ Member |
| 1 | Mr. Naveen Tahilyani | CEO & MD | Tata AIA Life Insurance | Chairman |
| 2 | Mr. B C Patnaik | MD | LIC of India | Member |
| 3 | Mr. Abhay Tiwari | MD & CEO | Star Union Dai-ichi Life | Member |
| 4 | Mr. Hadi T Riachi | CEO | Swiss Re India, FRB | Member |
| 5 | Mr. Srinivasa Rao | MD (Life) | Munich Re India, FRB | Member |
| 6 | Mr. A Ramana Rao | CGM | Reinsurance Deptt., IRDAI | Member |
| 7 | Mr. Pankaj Kumar Tewari | GM | Reinsurance Deptt., IRDAI | Convener |
3. The Terms of Reference for the Task Force are as follows: –
a) Study the following issues raised during Bima Manthan on 30th June, 2022: –
i. Stabilization of Reinsurance rates
ii. The applicability of compliance requirement w.r.t. claims, social & rural sector obligations, TAT etc. on reinsurers
iii. Concerns w.r.t. delay in quotes by reinsurers
iv. Capacity constraints per life with reinsurers
v. Provision of Facultative Reinsurance support
vi. FRN issuance process
vii. Reinsurance support on social insurance schemes (covid, PMJJBY etc.)
viii. Securitization of Mortality Risk
ix. Financial Reinsurance solutions
x. Faster settlement and payment digital mechanism (exchange) among the reinsurers and CBRs
b) Recommend possible solutions on the issues listed at point 3 a) above.
c) Examine any other matter relevant to the subject.
The Task Force may invite any specialist/s for discussion relevant on the matter. The Task Force shall submit its report within three weeks of the date of this Order.
Parmod Kumar Arora
Member (Actuary)
