Financial Daily from THE HINDU group of publications
Tuesday, Dec 09, 2003
Financial Daily from THE HINDU group of publications Tuesday, Dec 09, 2003 |
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Money & Banking
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Pension Plans Eyes on pension regulator HQ — AP hopes to be `insurance capital' Our Bureau
Hyderabad , Dec. 8 THE Andhra Pradesh Government is making all out efforts to get the headquarters of the proposed Pension Regulatory and Development Authority (PRDA) in the State capital, the Chief Minister, Mr N. Chandrababu Naidu, said here on Monday. The State had successfullybrought in the headquarters of the Insurance Regulatory and Development Authority (IRDA) to Hyderabad a couple of years ago. Addressing the delegates at the Eighth `Insurance Summit' organised by the Confederation of Indian Industry (CII), the Chief Minister said he was also looking forward to the State becoming a location of choice for back-office operations for the insurance industry. "We will be happy to provide all support to insurance companies locating their back-office operations in Hyderabad," Mr Naidu told the representatives of the insurance companies, both public and private. One of the key elements for attracting insurance services to Andhra Pradesh was the availability of skilled talent, Mr Naidu said. He informed the gathering that the State plans to introduce courses relevant to the insurance sector in the curriculum at the graduate level in colleges. Observing that the availability of skills and infrastructure was largely responsible for the success of the International Financial Services Centre (IFSC) in Dublin, he said, "there is no reason why we cannot replicate the IFSC success here in India." Advising the insurers to improve the system of crop insurance for farmers, he stressed the need for innovative methods to provide health insurance and provide insurance cover to a large number of poor people who cannot afford high premiums. Terming this as both a challenge and an opportunity for the insurance industry, he suggested insurers to look at alternate distribution channels such as DWCRA groups in Andhra Pradesh. DWCRA groups, which currently have a corpus fund of nearly Rs 1,600 crore, are expected to increase their corpus to Rs 10,000 crore in the next five years. The Chief Minister advised the insurers to use the services of these self-help groups as rural insurance agents to tap the vast potential in the rural areas.
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