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L INSURANCE REGULATORY AND
ldal DEVELOPMENT AUTHORITY OF INDIA
ORDER

Ref: No. IRDA/RI/ORD/MISC/061/04/2019 Date: 25.04.2019

Re: Committee on Microinsurance

1. India has been seen to be a very exciting market and a pioneer in the
Microinsurance sector in the world and has provided an example with its
Microinsurance regulations.
2. Microinsurance is specifically intended for the protection of .low -income
people, with affordable insurance products to help them cope with and
recover from financial losses. It promises to support sustainable
livelihoods of the poor. Liberalization of the insurance sector and
Government Schemes has created new opportunities for Microinsurance
to reach the vast majority of the poor, including those working in the
informal sector.
3. Even so, market penetration in Microinsurance is seen to be low in India.
4. The market, so far, is seen to be largely supply driven. Among others,
the product design, ease of underwriting, distribution, awareness
creation, easy premium payment system, simple claims processing and
use of technology would be key for success of the Microinsurance
market.
5. Considering the above, the competent Authority has decided to set up a
committee with the following members:

SI Name Designation Organisation Chairman/

no Member
1 Mr. Suresh Mathur Executive Director IRDAI Chairman
2 Ms. Yegnapriya Bharath HoD - Non-Life IRDAI Member
3 Mr. V Jayanth Kumar HoD- Life IRDAI Member
4 Mr. Pankaj Tiwari DGM, Actuary IRDAI Member
5 Mr. Ajit D Warakari Regional Manager UC of India Member
6 Mr. LP Kar cco ICICI Lombard Gen Ins Co Ltd Member
7 Ms Sreedevi Nair Regional Manager The New India Assurance Co ltd Member
8 Mr. Subhasis Ghosh Sr. Executive VP Kotak Mahindra Life Ins Co Ltd Member
9 Mr. C N Chinnaswamy Sr. VP Star Health & Allied Ins. Co Ltd Member
10 Mr. Uday Kumar CEO Credit Access Grameen ltd Member
11 Mr. M Srinivasa Reddy President Confed of NGOs in Rural India Member
12 Mr. Nishant Jain Programme Director GIZ India Member
13 Mr. NM Behera DGM, Reinsurance IRDAI Member Convenor
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6. The Terms of Reference of the Committee are as below:

i. Review the existing regulatory framework on Microinsurance in India
as well as in other jurisdictions and suggest improvements in the
Indian framework;
ii. Recommend how to increase Microinsurance penetration;
iii. Suggest product designs with customer friendly underwriting
including easy premium payment methods and sir:nple claims
settlement procedures;
iv. Suggest changes in the distribution structure, if any, including mobile
based and technology driven solutions;
v. Suggest creating effective awareness programmes including training
programmes for the distribution channels.
vi. Any other matter relating to Microinsurance.

7. The Committee shall meet as often as required and submit its

recommendations within three months of publishing of this order.

Yeg~~:\~!th
Chief General Manager (NL)
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