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Insurance players need to underwrite disruptions to make the vision of 'insurance for all' a reality by 2047, regulator IRDAI's chief Debasish Panda said on Tuesday. The chairman of the Insurance Regulatory and Development Authority of India (IRDAI) also emphasised that the approach of 'one-size-fits-all' has become a thing of past due to the radical technology-driven changes taking place in the industry. It's time we retrieve our base, firm up our resolve and collectively underwrite disruptions in the insurance sector and make the vision of 'insurance for all' a reality by 2047. In this process, the role of the actuary becomes paramount. The disruptions in the insurance sector cannot happen without the support of actuaries, Panda said at the 23rd global conference of actuaries organized by the Institute of Actuaries of India here. "There is a need to come out of the traditional and conventional roles and embrace dynamism and agility and also there is a need to see the sector from a
Regulator Irdai on Thursday came out with draft guidelines for 'Bima Vahaks (BV)', which seeks to establish a dedicated distribution channel at the level of Gram Panchayats. The guidelines propose Corporate Bima Vahaks and Individual Bima Vahaks for the distribution channel. Corporate Bima Vahak would be legal persons registered in accordance with the respective laws and engaged by an insurer. Individual Bima Vahak could be any individual appointed by an insurer or appointed by a Corporate Bima Vahak. The BVs, both corporate and individual, would be authorised to undertake activities like the collection of proposal information, and KYC documents and coordinate claims-related services. "Every Insurer shall remain responsible for ensuring KYC and AML (anti-money laundering) compliance with respect to the policies sourced through Individual Bima Vahaks and Corporate Bima Vahaks," said the draft on which Irdai has invited stakeholders' comments till June 22. As per the draft, every ..