IRDAI Sets Up 9 Members Panel
- In order to study suitability of Surety Bond issuance, Insurance Regulatory and Development Authority of India (IRDAI) has formed a a nine member working Group (WG) and G. Srinivasan who is a director National Insurance Academy will be head to look at the possibility of the Indian insurance industry or other sectors to offer Surety Bonds in the country. The panel will have to submit its report within the period of three months.
- At present, contractors is not provided Surety Bond by insurance firms.
- in order to fulfill project and performance security, banks provides Bank Guarantees to contractors.
- The Ministry of Road Transport and Highways (MORTH) urged to IRDAI to investigate possible offering such bonds and IRDAI makes a panel that will examine possible offering such bonds by the general insurance firms amid COVID-19 disease.
Panel Composition :
members of the panel are :
- D. Nagalakshmi, General Manager, UIC
- Roopam Asthana, CEO, Liberty General Insurance
- Neelesh Garg, CEO, Tata AIG General Insurance
- Hitesh Kotak, CEO, Munich Re
- Shankar Garigiparthy, CEO, Lloyd’s Indiam
- S. N. Jayasimhan, General Manager, Investment Department, IRDAI
- C. Srinivasa Kumar, Deputy General Manager, Actuarial Department IRDAI
- K. Mahipal Reddy, General Manager, Non-Life Department, IRDAI.
About Insurance Regulatory and Development Authority of India (IRDAI) –
Chairperson: Subhash Chandra Khuntia