The Hindu Business Line : Appellate authority on cards — IRDA finalising recommendations on Act changes

Mr C.S. Rao (right), Chairman, IRDA, and Mr S.V. Mony, Secretary - General, Life Insurance Council, at a FICCI-Life Insurance Council seminar in the Capital on Monday. - - Kamal Narang

New Delhi , Feb 6

THE Insurance Regulatory and Development Authority (IRDA) may make a provision for setting up an appellate authority to settle disputes in the insurance sector as part of amendments to the Insurance Act 1938, the Chairman of IRDA, Mr C.S. Rao, has said.

While inaugurating the Life Insurance Council Seminar on `Amendments to the Insurance Act', organised by industry chamber FICCI today, Mr Rao said provision may also be made to strictly penalise the insurers for breach of contract.

He said the regulatory body would finalise its recommendations by the end of the month on the amendments to the Act. IRDA's views would be based on the suggestions of the Law Commission and the K.P. Narsimhan Committee.

"Today's interactions with the stakeholders of the insurance industry would be the last official opportunity for insurance players to express their views and concerns on the road ahead," he said.

Dr K.N. Chaturvedi, Member-Secretary, Law Commission of India, spoke of the need for a modern insurance law to give a fillip to the sector that provides long-term funds for infrastructure development.

It was also imperative to build a competitive insurance market and ensure effective regulation, he said.

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