What is the General Insurance Council of India?

Answer 1

Kaushal mishra The General Insurance Council represents the collective interests of the Non-life Insurance companies in India. The Council speaks out on issues of common interest; participates in discussions related to policy formation; and acts as an advocate for high standards of customer service in the insurance industry. General Insurance Council leads a number of initiatives by bringing together experts from its member companies, the national re-insurers and the regulator in a common forum for debating specific issues from time to time and helps resolve them in a structured fashion. VISION AND MISSION•Our Vision and Mission

The insurance industry has transformed considerably since the estblishment of Insurance Regulatory and Development Authority. The Industry is poised for radical evolution in times to come due to changes in the overall economic environment, its bearing on the financial sector and related need for risk management. The General Insurance Council recognizes its role in the changing business environment by articulating the following vision and mission.

•The Vision for the industry and the GI Council: * A sustainably profitable and growing non-life insurance industry in India. * An industry trusted and recognised as contributing to society and the economy. * An economic and public policy climate conducive to a flourishing industry. * A body (GI Council) recognised as providing active leadership and an authoritative collective voice for the non-life insurance industry in India. • The GI Council's mission: To provide leadership on issues having a bearing on the industry's collective strength and image and to shape and influence decisions made by the Government, regulator and other public authorities, within the country, in order to benefit the industry collectively. This will be achieved on an active, collective and non-competitive basis by: * pro-active analysis and lobbying to secure improvement in the legal and regulatory framework. * analysis and representations in response to initiatives from others which affect the industry. * being recognised as a leading contributor to public policy thinking on issues relevant to non-life insurance industry. * presenting a positive image of the industry to the public, the media and other opinion-formers. * providing leadership and guidance to the industry on issues which may affect its public image and reputation. * maintaining a core secretariat with staff of high calibre and relevant skills drawn from the industry on project to project basis, working under the guidance of the Board and its committees, focussed on delivering the mission.

GI Council will provide other services to member companies (such as an active role in management of commercial vehicle third party liability motor pool) which benefit the industry collectively; which support the mission; which can be provided without diversion of resources from the core functions; and which cannot be done more effectively by any other body.