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The Insurance Regulatory and Development Authority of India (IRDAI) want insurers to correct anomalies in product pricing, look at underwriting practices, and simplify terms for policyholders.
“The (insurance) companies need to correct aberrations that exist in terms of adequate pricing based on scientific analysis of claims,” Senior Joint Director of IRDAI Suresh Mathur said here while speaking at an insurance summit organised by the Bengal Chamber of Commerce and Industry on Wednesday.
“It is also important for the industry to take a collective call to correct the aberrations that exist in terms of pricing....This is one area where the industry needs a concerted effort to price risk and look at underwriting practices,” he added.
On the recent reforms in the insurance sector, Mathur said the government has “done its bit” and the regulator (in this case the IRDAI) is in the process of “notifying them” (insurance companies).
Speaking on the sidelines of the event, he added that the exposure draft of IRDAI (Maintenance of Insurance Records) Regulations, 2015 will be looked at by the Insurance Advisory Committee soon. Following this, it would be placed before the IRDAI board.
Insurers have so far been maintaining a register of policies and claims, in accordance with the provisions of the Insurance Act, 1938.
However, post-amendments, the Act has facilitated maintenance of such a register in electronic form too.
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