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ns ran e in ndia 13.11 set up branches in India and defines ‘re- an operational framework for greater innovation, insurance’ to mean ‘the insurance of part competition and transparency, to meet the of one insurer’s risk by another insurer insurance needs of citizens in a more complete who accepts the risk for a mutually and subscriber-friendly manner. The amendments acceptable premium’, and thereby are expected to enable the sector to achieve its excludes the possibility of 100 per cent full growth potential and contribute towards the ceding of risk to a re-insurer, which overall growth of the economy and job creation. could lead to companies acting as front companies for other insurers. new insurance schemes (vii) Strengthening of Industry Councils: The Life Insurance Council and General During the fiscal 2015–16 , the Government Insurance Council have now been made of India launched two new insurance schemes self-regulating bodies by empowering them aimed at creating a universal social security to frame bye-laws for elections, meetings system for all Indians, especially the poor and the and levy and collect fees, etc., from its underprivileged. Salient features of these schemes members. Inclusion of representatives of have been briefly discussed below: self-help groups and insurance cooperative PMSBY (Pradhan Mantri Suraksha Bima societies in insurance councils has also been Yojana): It offers a renewable one-year accidental- enabled to broad base the representation death-cum-disability cover to all subscribing on these Councils. bank account holders in the age group of 18 to (viii) Robust Appellate Process: Appeals against 70 years for a premium of Rs. 12 per annum per the orders of IRDAI are to be preferred subscriber. to SAT as the amended law provides for The risk coverage available will be rupees two any insurer or insurance intermediary lakh for accidental death and permanent total aggrieved by any order made by IRDAI disability and rupees one lakh for permanent to prefer an appeal to the Securities partial disability, for a one-year period stretching Appellate Tribunal (SAT). from 1 June to 31 May. Thus, the amendments incorporate PMJJBY (Pradhan Mantri Jeevan Jyoti Bima enhancements in the insurance laws in keeping Yojana): The scheme offers a renewable one-year with the evolving insurance sector scenario term life cover of rupees two lakh to all subscribing and regulatory practices across the globe. The bank account holders in the age group of 18 to 50 amendments will enable the regulator to create years.