The Insurance Regulatory and Development Authority of India (IRDAI) has set up two task forces to suggest steps to sort out issues between insurers and re-insurers.
A nine-member panel has been constituted to sort out the issues between non-life insurers and re-insurers under the chairmanship of Bhargav Dasgupta, MD and CEO of ICICI Lombard General.
The panel will suggest steps on the applicability of compliance requirements, and faster settlement and payment mechanisms.
Headed by Naveen Tahilyani, CEO and MD, Tata AIA Life Insurance, the second task force, comprising seven members, will look at the life insurance segment and re-insurers.
The task force will give suggestions on stabilisation of reinsurance rates, capacity constraints with reinsurers, securitisation of mortality risk and financial reinsurance solutions, etc.
According to reports, the task forces will file the reports within three weeks.