Irdai to set up hubs on motor, property insurances

The regulator Irdai on Thursday decided to set up two hubs on motor insurance and property insurance and also an advisory committee with the overall objective to promote loss prevention measures in the general insurance industry. “It has been decided to form a hub on property insurance at ‘National Insurance Academy (NIA)’ and one on motor insurance at ‘Institute of Insurance and Risk Management (IIRM),” the Insurance Regulatory and Development Authority of India (IRDAI) said in a statement.

The decision to set up these hubs was based on the recommendations of a working group on loss prevention and minimisation in the general insurance industry.

In addition, there will be an advisory committee under the chairmanship of the NIA director, which among other things will create a repository of past risk inspection reports and developing standard survey/inspection report formats. There will be two sub-committees within the advisory committee.

The sub-committee on motor insurance will develop guidelines on inspection of vehicles and standard operating processes to be followed by vehicle owners in the event of loss.

Mapping high exposure accident spots across the country, and developing standard matrix (score) to incorporate safety features for each make and model of vehicles, are among the other activities tasked to the panel.

The sub-committee on property insurance will create a repository of past risk inspection reports and developing standard survey/inspection report formats.

The advisory committee, which has a term of two years, has been asked to work progress report to the Irdai on monthly basis.