IRDA to draw up system    for grading surveyors

LIC keen to tap NRIs  in UAE

 

Daewoo to enter insurance

 

Non-life insurers agree to continue 5% discount

IRDA to draw up system for grading surveyors

IRDA in its draft norms for insurance surveyors has said that there will be a system of grading and categorization of surveyors.
Each surveyor will be categorized to perform assignments for one or more departments of insurance companies. In other words, surveyors will have to specialize in different departments of insurance business such as motor, fire or marine insurance.

Irda has said that license seekers will have to undergo practical training for a period of six months under the supervision of surveyors and pass an examination conducted by an institution approved by the authority.

Similarly in the case of a license for a survey firm, the guidelines state that all the directors or partners of the firm seeking fresh corporate license should hold a license granted by the authority.

The Irda has also made it mandatory for surveyors to provide practical training to any aspiring applicant for at least six months.

Refusal to do so shall be deemed as misconduct unless the surveyor can convince the Irda that he has valid reasons to refuse.

Licensed surveyors will be provided with an identity card by the regulator which will specify the particular class or category of general insurance business for which the authority has granted the license.

The license will remain valid for five years. Existing survey license issued by Controller of Insurance before the commencement of the new regulations shall be deemed to have been issued in accordance with the new regulations.

The guidelines also provide for the creation of surveyor and Loss Assessor Committee constituted by Irda.

Irda will seek advise from the committee on the affairs of the Insurance Surveyors & Loss Assessors and for discharging the functions assigned to it under these regulations.

The committee will include representatives from Irda, Surveyors body, consumer bodies and chambers of commerce.

The guidelines have set out a detailed code of conduct for surveyors preventing them from canvassing for assignments. Surveyors are also expected to keep a record of the reports for the period specified.

- The Economic Times , June 23, 2000

LIC keen to tap NRIs in UAE

Life Insurance Corporation International has appointed an agent for the United Arab Emirates to tap the vast non-resident Indian market in the region. LIC chairman G N Bajpai said life insurance business for the company in the Gulf is growing at 60 per cent with 10,000 policy being written this year. The LIC will market 10-15 products, which will be sold only to NRIs, he said. Headquartered in Bahrain, LIC International, 
promoted by the LIC, has agents in most Gulf states. UAE alone has more than 1.2 million residents of Indian origin. Addressing a meeting of the Indian.
(source - Economic Times)

Daewoo to enter insurance

In a bid to strengthen India operations, beleaguered auto major Daewoo India plans to start another venture as part of its foray into insurance by 2002. Plans are also afoot to e-commerce enable its website to conduct transactions online. Speaking to Economictimes.Com, Daewoo Motors India managing director and CEO Young-Chang Kim said, "Daewoo Motors is looking at providing one-stop solution to its customers." Kim said that the new company will look after the company's interest in insurance, finance and second hand car market. Incidentally, market leader Maruti is already offering insurance, finance and has strong presence in the second hand car market. Korean auto maker Hyundai Motors has recently entered the finance sector.
“The overall scenario of the Indian car market is not good and except for Maruti and Hyundai no other company is showing profits. Of these profits a major chunk comes from other businesses like auto insurance, car finance and second hand car market.,” Kim said. He added once financial restructuring of the company is complete, DMIL will explore the possibility of entering these secondary businesses. 
(source - Economic Times)  

Non-life insurers agree to continue 5% discount

Domestic non-life insurers, including four state-owned ones and the new private sector firms have arrived on a consensus to continue the five per cent discount directly to customers. In the first-ever business council meet of non-life insurers, the insurance firms agreed to continue the system of paying discount directly to clients. It was expected that the discount system would be opposed by the PSU firm, as it would hike their cost of the business. They already have a large number of development 
officers on their payroll who are expected to procure business for the company.
(source - Financial Express)