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IRDAI Decided to Setup 2 Hubs

Published on January 09, 2022
Current Context: The Insurance Regulatory and Development Authority of India (IRDAI) has decided to set up two hubs.
IRDAI Decided to Setup 2 Hubs
  • One hub will be dedicated to motor insurance which will be set up at the Institute of Insurance and Risk Management (IIRM).
  • The other hub will be dedicated to property insurance which will be set up at National Insurance Academy (NIA).
  • The objective of both the hubs is to promote loss preventive measures in the industry of insurance.
  • Also, an advisory committee will be framed under the chairmanship of NIA’s Director. The committee will frame a repository of past risk inspection reports and will conduct surveys to inspect the report formats.
  • The decision to set up hubs was based on the recommendations of a working group on loss prevention and minimization in the insurance industry sector.
  • There will be the sub-committee on motor insurance which will develop rules to inspect vehicles and their operating process, which will be mandatory for the owners to follow in case of any event of a loss.
  • Various safety features will be framed to make models of vehicles.
  • The advisory committee will work for the tenure of two years.

Question: 

Q.1 Which entity to set up hubs on motor insurance at the Institute of Insurance and Risk Management (IIRM) and the other hub on property insurance at National Insurance Academy (NIA)?
a. Ministry of Road Transport and Highways
b. Insurance Regulatory and Development Authority of India
c. National Highways Authority of India
d. Securities and Exchange Board of India

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