Mortality-morbidity bureau undergoes a name change

The two had signed an MOU a couple of years ago to establish a non-profit body under the name, Mortality and Morbidity Investigation Bureau that would own the institute. However the registrar of companies had objected to the usage of the words `investigation, bureau' figuring in the name, thus necessitating a change.

To move the project further, the Life Insurance Council and ASI will have a meeting on 1 April, 2007. "The next step will be to appoint a project manager," says S V Mony, secretary general, Life Insurance Council. He denied any differences between the council, the various life insurers and the ASI for the delay in setting up the institute.

Elaborating on the proposed activities of the council. Mony said, "A lot of things are happening. We will be collecting and publishing data relating to the life insurance sector that is not available in the public domain. Joining hands with the Insurance Regulatory and Development Authority (IRDA) we will conduct awareness campaigns about the benefits of life insurance. Standardisation and harmonisation of insurance proposal forms and the policy conditions, are also on the anvil."

On the issue of new players finding it difficult to sign up bancassurance deals, he says, "Banks have represented to IRDA and the Reserve Bank of India to allow them to become corporate agents for multiple life insurers. But the present system of one- company only for an agent is good for the policyholder."

With IRDA expressing its desire that the Life Insurance Council take over the function of training and conducting the examination for the agents, a sub committee has been formed to look into the issues.