Current Affairs - Persons - Discussion

The Insurance Regulatory and Development Authority of India (IRDAI) set up a 13-member committee in order to review regulatory framework on micro insurance, and suggest the steps to be taken to raise demand for such products in India by recommending product designs with customer-friendly underwriting, example, easy premium payment methods and simple claims settlement procedures. The committee is headed by Suresh Mathur, IRDAI's Executive Director. It constitutes of officials from IRDAI, life, general and health insurance companies in public and private sectors, as well as NGOs (Non-Government Organizations). The committee was formed because of less than desired offtake of micro insurance products in spite of their immense benefits in India. It will also give recommendations about alteration in distribution structure, that is, creating effective awareness programmes and making web-based technology driven solutions.