Beema Samiti to start inspection of Insurance companies; Inspection to start from Asian Life and Siddhartha Insurance

Beema Samiti (Insurance Board) has started field inspection of the insurance companies. Today the regulatory body will be inspecting Asian Life Insurance and Siddhartha Insurance.

Under the leadership of Deputy Director of the board, Mr Dinesh Kumar Lal, a team will be inspecting Asian Life Insurance while under the leadership of CA Jyodi Pandey, another team will be inspecting Siddhartha Insurance.

The board has made plans to inspect all the 39 insurance companies within this year. The inspection will mainly focus on the application of Insurance Act, Company Act, other directives issued by the Insurance Board and other statutory directives.

Previously, the board had focused on the formulation of policies and rules whereas now it will be inspecting on the implementation of the policies and directives. The board believes that the Insurer, Customers as well as Investors will be benefitted due to such kind of inspection. The board also plans on carrying out such inspection on a regular basis.