Ref:IRDA/NL/ORD/CMT/199/11/2015
Date:13-11-2015
Constitution of Committee on Motor Dealer payouts on motor insurance business
The Authority proposes to bring clarity and transparency in payouts made to the auto dealers by the insurers for getting motor insurance business. Therefore, the Authority hereby constitutes a Committee consisting of the following members.
SN | Name | Entity | Position |
1 | Mr. Suresh Mathur | Sr. JD (NL), IRDAI | Chairman |
2 | Mr. R K Sharma | JD , F&A, IRDAI | Convenor |
3 | Mr. Zafir Alam | GM- The New India Assurance Co Ltd | Member |
4 | Mr. Nitin Khanna | Head -Motor, ICICI Lombard Gen Ins Co Ltd | Member |
5 | Mr. Vijay Kumar | President Motor, Bajaj Allianz Gen Ins Co Ltd | Member |
6 | Mr. Surendra Srivastav | Maruti Insurance Brokers pvt Ltd | Member |
7 | Mr. P S Raghuvanshi | Hyundai Motors- Group Head, Field Service | Member |
The terms of reference of the committee may be as below:
1. To study the existing practices in the industry on the payouts (called in different names like infrastructure expenses etc) made to the motor dealers on motor insurance business.
2. To examine the deviations from the existing norms.
3. To align with the Insurance Act, regulations, guidelines on the provisions for expenses of management, outsourcing etc.
4. To bring transparency and uniformity in such activities.
5. To design standard formats for agreements (between insurers and dealers) on outsourcing.
6. Recommendations on draft guidelines.
The Committee may invite representatives from any other related entities to carry pout deliberations. It is advised to submit the report within two months from the date of formation of the committee.
This has approval of the competent Authority.
Suresh Mathur
Sr. Joint Director