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Business News/ Insurance / News/  Financial services secy meets private insurers, discusses key issues

Financial services secy meets private insurers, discusses key issues

The meeting discussed the concerns of the insurance industry regarding GST demand

The gathering addressed the concerns of the insurance industry, (iStockphoto)Premium
The gathering addressed the concerns of the insurance industry, (iStockphoto)

New Delhi: Financial services secretary Vivek Joshi on Tuesday met private sector general insurance companies and discussed critical issues that have implications for the general insurance sector.

The meeting with the General Insurance Council and leaders and CEOs of private sector general insurance companies discussed the concerns of the insurance industry, which is facing penalties imposed by tax authorities for Goods and Services Tax (GST) input tax credit violations. Notably, the finance ministry has so far refrained from intervening in this matter.

The meeting also discussed initiatives to enhance public awareness through continuous engagement with individual states, aimed at elevating insurance penetration and coverage.

Discussions also revolved around the imperative need to streamline distribution channels, particularly in expanding the agency channel within the general insurance industry to further augment insurance penetration.

The meeting underscored the need for a more robust and coordinated approach between states and the Ministry of Road Transport and Highways to launch a special drive to ensure compliance with the Motor Vehicles Act and enhance collaboration with the Ministry of Health to elevate the prevalence of cashless facilities and standardize treatment costs, thereby fostering growth within the health insurance sector.

Insurance companies were asked to actively promote the adoption of property/parametric covers that serve as essential tools to mitigate financial losses caused by natural catastrophes, and extend insurance coverage to the MSME sector.

Addressing the issue of fraud prevention, participants in the meeting recognized the necessity of linking insurance frauds to the CIBIL score as a means of enhancing security and accountability within the industry.

It was also agreed that regular meetings will be convened with representatives from both the private and public sectors of the insurance industry. These regular meetings will serve as a platform for fostering continuous collaborative efforts that will contribute to the growth and development of the insurance sector.

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Published: 17 Oct 2023, 09:56 PM IST
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