IRDA Outsourcing

Hello sir I want to know the Guidelines on Outsourcing of activities by Insurance Companies Of IRDA will you please tell me ??

As you are demanding for the Guidelines on Outsourcing of activities by Insurance Companies Of IRDA

All Insurers are all the time more using outsourcing, as a means of both reducing cost and accessing specialist expertise, not available inside and achieving strategic aims..

'Outsourcing' may be defined as Insurer’s use of a third party (either an affiliated entity within a corporate group or an being that is outside to the corporate group) to perform activities on a continuing basis that would usually be undertaken by the Insurer itself, now or in the future.

These Outsourcing arrangements are becoming ever more complex.

Activities of Insurers are largely classified into two categories, in accordance with Regulation 7(c) of IRDA (Registration of companies) Regulation, 2000.

Here are Core activities:

All activities relating to
Underwriting,
Product design, and all Actuarial functions
Investment,
Premium collections,
Data storage (physical &image),
Cheque pickup and banking of cheques,
Admitting or repudiation of all claims,
Bank reconciliation,
Policy servicing except registering complaints / grievances /enquiries,
Approving advertisements,
Market conduct issued,
Appointment of Surveyors and Loss Assessors
Fund accounting including NAV calculations, ,
Compliance with AML, KYC etc.
All other activities not specified herein as non-core activities.

Here is complete detail

__________________
Answered By StudyChaCha Member