CAMSRep, Madras Management Association to organise 1st Insurance Industry conclave in Chennai
This is for the first time after the approval of the new insurance bill, which has allowed raising of the Foreign Direct Investment (FDI) limit in Insurance joint ventures up to 49%, that industry luminaries including the regulator - IRDAI, the industry body - Life Insurance Council and Insurance companies along financial infrastructure builders like CAMSRep are coming together to discuss the impact under the theme ‘New Insurance Bill: Vision Paradigm Shift Facilitating Opportunity’.
The conclave would discuss some of the interesting aspects that would impact policy holders including, No claim can be rejected after three years of the policy issuance under any circumstances, Allowing assignment and transfer of policies, Identifying more distribution points in the form of Citizen Service Centres or other government delivery centres such as Public Delivery System in addition to the existing ones such as agents and banc assurance, flexibility in collecting premiums for motor, fire, Stronger Policy holder Grievance Redressal mechanism and popularising the transition to electronic issuance of policies which would facilitate quicker claims processing.
Speaking on the occasion, S V Ramanan, CEO, CAMS Repository Services Ltd. said, ‘We are happy to be associated with Madras Management Associationto organise this Insurance Conclave, the first ever exhaustive effort to assess the fallout of the new insurance bill on the policy holder. The New Insurance Bill is a welcome move for the Insurance Industry. It reinforces the need to strengthen the Electronic Issuance of policies which will facilitate data sharing between companies, help improve claim payouts and help improve the process of policy holder grievanceredressal.’’
D D Singh, Member (Distributor) Insurance Regulatory & Development Authority of India, will deliver keynote address, while Mr V Manickam, Secretary General, Life Insurance Council would deliver special address.
Dinesh Kumar Mehrotra, Chairman, CAMS Repository Services Ltd. (Former Chairman & MD, LIC) would moderate a panel discussion on ‘New Insurance Bill: Vision Paradigm Shift Facilitating Opportunity’ with panelists Manickam, Ravi Krishnamurthy, Executive Director, SBI Life Insurance, Srinivasan Iyengar, COO Reliance Life Insurance.
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