New Delhi: Regulator IRDA on Thursday decided to set up two hubs on motor insurance and property insurance and an advisory committee with the overall objective of promoting loss prevention measures in the general insurance industry.
The Insurance Regulatory and Development Authority of India (IRDAI) said, “It has been decided to create a hub on property insurance at the National Insurance Academy (NIA) and a hub on motor insurance at the Institute of Insurance and Risk Management (IIRM). said in a statement.
The decision to set up these centers was based on the recommendations of a Working Group on Loss Prevention and Reduction in the General Insurance Industry.
In addition, there will be an advisory committee headed by the NIA Director, which will, inter alia, prepare a repository of past risk inspection reports and develop standard survey/inspection report formats. The Advisory Committee will have two sub-committees.
The Sub-Committee on Motor Insurance will develop guidelines on inspection of vehicles and standard operating procedures to be followed by vehicle owners in the event of damage.
The Sub-Committee on Property Insurance will prepare a compendium of past risk inspection reports and develop standard survey/inspection report formats. Read also: FMCG Distributors Association ends picket against Colgate
The advisory committee, whose duration is two years, has been asked to work on the progress report to IRDA on monthly basis. Read also: Rakesh Jhunjhunwala Portfolio Stock: Big Bull remained invested in this stock in Q3 FY22
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