Institutional mechanism set up to monitor insurance related activities | Pragativadi

The 1^st Meeting of the State Level Insurance Committee (SLIC) was held today on 15^th January 2025 in Bhubaneswar.

The meeting was chaired by the Development Commissioner cum Additional Chief Secretary to Government, Smt. Anu Garg, IAS.

She urged SLIC to function as a tripartite institutional mechanism involving the Regulator (Insurance Regulatory Development Authority of India), the State Government and the Insurance companies and to set a gold standard in the insurance sector as SLBC is in the banking sector.

The SLIC as a forum will assess the insurance coverage of the State and suggest measures to deepen the insurance penetration to achieve the goal of Insurance for All by 2036.

In today’s meeting focus was laid on issues related to poor claim settlement under PM Fasal Bima Yojana. The Committee noted this seriously and instructed the concerned insurance companies to settle all claims on top priority.

Smt. Garg further advised all insurance companies to ensure ease of insurance for the common masses, devising affordable insurance products, bridging the trust deficit between insurer and insuree, simplifying the procedure by using the technology-driven platform, AI-based mechanism for quick and maximum claim settlement and a robust grievance redressal mechanism to strengthen insurance ecosystem of the State.

The Committee decided out of the four lead insurers appointed by IRDAI for the State like, Bharti Axa Life, Shriram General Insurance, LIC of India and Zurich Kotak General Insurance, Life Insurance Corporation to be the nodal lead insurance company for SLIC. The committee also suggested constituting relevant sub-committees to address the issues on various sectoral insurance like Life, Crop, Motor, Health etc.

Member Secretary, IRDAI, Satyajit Tripathy; Chairman, LIC, Siddhartha Mohanty; Regional Director, RBI, S.P. Mohanty; MD cum CEOs of 4 Lead Insurers, M. Jagannath, LIC; Parag Raja, Bharti Axa Life Ltd; Anil Kumar Agarwal, Shriram General Insurance Ltd; Alok Kumar Agarwal, Zurich Kotak General Insurance Ltd, Pr. Secretary, Finance, Saswat Mishra, Pr Secretary, DAFE, Dr Arabinda Kumar Padhee, Commissioner-cum-Secretary Smt Guha Poonam Tapas Kumar; Secretaries and Senior officials of State Government and Director, Institutional Finance, Dr. Pragyansmita Sahoo were present in the meeting.

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