{"id":4886,"date":"2022-01-15T13:44:57","date_gmt":"2022-01-15T13:44:57","guid":{"rendered":"https:\/\/www.propertypistol.com\/blog\/?p=4886"},"modified":"2022-01-15T13:45:01","modified_gmt":"2022-01-15T13:45:01","slug":"irdai-will-establish-a-property-insurance-center","status":"publish","type":"post","link":"https:\/\/www.propertypistol.com\/blog\/irdai-will-establish-a-property-insurance-center\/","title":{"rendered":"IRDAI will establish a property insurance center"},"content":{"rendered":"\n<p><em>NEW DELHI: The Insurance Regulatory and Development Authority of India (IRDAI) agreed on.<\/em><\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Thursday to establish two centers for auto\ninsurance and property insurance, as well as an advisory council, with the\noverarching goal of promoting loss prevention methods in the general insurance\nmarket.<\/p>\n\n\n\n<p>&#8220;It has been agreed to establish a\nproperty insurance hub at the National Insurance Academy (NIA) and a motor\ninsurance hub at the Institute of Insurance and Risk Management (IIRM),&#8221;\naccording to a statement from the Insurance Regulatory and Development\nAuthority of India (IRDAI).<\/p>\n\n\n\n<p>The decision to establish these centers was based on the suggestions\nof a working group in the general insurance sector on loss prevention and\nminimization.<\/p>\n\n\n\n<p>As parallel, the NIA director will head an advisory council that\nwill, along with other measures, construct a library of previous risk reporting\nrequirements and integrating technology questionnaire systematically and\ncomprehensively. Inside the advisory committee, there will be two\nsub-committees.The motor insurance panel will draft recommendations for vehicle\ninspection and standard operating procedures to be followed by vehicle owners in\nthe case of a disaster.<\/p>\n\n\n\n<p>Developing a map of high-exposure accident hotspots around the\nnation. Other tasks assigned to the panel include developing a standard matrix\n(score) to combine safety elements for each make and model of vehicle.<\/p>\n\n\n\n<p>The homeowner&#8217;s insurance subcommittee will\ncompile a database of historical risk reporting requirements and adopt\nstandardized questionnaire report forms.<\/p>\n\n\n\n<p>The advisory council, that has a two-year mandate, has been required to provide a progress report card to the IRDAI.<\/p>\n\n\n\n<p style=\"font-size:12px\"><em><strong>Disclaimer:&nbsp;<\/strong>The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information<\/em>.\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NEW DELHI: The Insurance Regulatory and Development Authority of India (IRDAI) agreed on.<\/p>\n","protected":false},"author":2,"featured_media":472,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_eb_attr":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[35],"tags":[31],"class_list":["post-4886","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-insurance","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IRDAI will establish a property insurance center - Real Estate Sector Latest News, Updates &amp; 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