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Mumbai, Nov 11: The Insurance Regulatory Authority (IRA) is keen to support niche insurance products like `director's liability' covering unlimited personal liability of directors of companies. This was disclosed by N Rangacharry, chairman IRA at a seminar organised by Howden Spear Gulland and co-sponsored by Mavich Insurance Services.
He said that product development and pricing for such niche products will have to be in keeping with the existing market trend. "The products will have to focus towards greater accountability as the need of the hour is strict corporate governance," he said.
The seminar was attended by international insurance broking outfits like Encon Underwriting Ltd, Delta Ventures, Cameron Mckenna and Penningtons.
The main focus of the seminar is to create an awareness in the industry about the availability of such a product. "The need of the hour is an exclusive `director liability' product catering to the needs of the Indian corporates," said Louise Cable Alxandr, director, HowdenSpear Gulland limited (HSGL).
HSGL offers diversified product portfolio which concentrates on professional liability, medical malpractices, fraud, computer crime and officers liability insurances. The company specialised in forming strategic relationships with individual clients, purchasing groups, associations and insurance broker.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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