Secretary of Department of Financial Services meets General Insurers

Dr Vivek Joshi, Secretary of the Department of Financial Services (DFS) under the Ministry of Finance, presided over a crucial meeting in New Delhi. The gathering involved discussions with leaders and CEOs of private sector general insurance companies, hosted by the General Insurance Council. The session addressed several vital issues that hold implications for the general insurance sector, and the key points of discussion included:

1. Enhancing Awareness: Exploring ways to increase insurance penetration and coverage through continuous interaction with States under State Insurance Plans.
2. Distribution Channel Optimization: Rationalizing the agency channel to expand the reach of the general insurance industry.
3. Motor Vehicles Act Compliance: Collaborating with State Governments and the Ministry of Road Transport and Highways to ensure adherence to the Motor Vehicles Act.
4. Health Insurance Growth: Strengthening ties with the Ministry of Health to promote cashless facility and standardize treatment costs for health insurance.
5. Natural Catastrophe Mitigation: Encouraging the adoption of Property/Parametric covers to minimize financial losses caused by natural calamities and devising mechanisms to cover the Micro, Small and Medium Enterprise sector.
6. Insurance Fraud Prevention: Exploring the possibility of linking insurance fraud data to the CIBIL score to prevent and mitigate fraudulent activities.

Following these productive discussions and a thorough exchange of insights, Dr Joshi instructed DFS officials to actively pursue the resolution of these issues. It was also agreed upon that regular meetings would be conducted with both the private and public sectors within the insurance industry to ensure continuous collaborative efforts in facilitating the growth and development of the sector.