Kolkata: The Institute of Chartered Accountants of India (ICAI) and Eastern India Regional Council (EIRC) on Friday hosted a Seminar on Unlocking the Potential in Insurance & Pension Sector organised by Committee on Banking, Insurance & Pension, ICAI at Taj Bengal, Kolkata. The Institute of Chartered Accountants of India (ICAI) is one of the prominent accounting bodies worldwide, has achieved recognition for its contribution in the fields of education, professional development, maintenance of high accounting, auditing and ethical standards.
Of late, the insurance industry in India is witnessing a sea of change. The increase in FDI in insurance was a major issue with the present government and the bill was passed in the Budget Session this year. Similarly, changes have been made in the Insurance Act 1938, which directly affects the insurance industry. Recently, the Prime Minister launched three social security schemes in insurance and pension offering insurance protection at a very nominal price, in case of any contingency. The need for insurance cover has become a major talking point amongst the common man. Also IRDA is constantly issuing guidelines for the proper working and evolution of the insurance industry. Besides these, developments are taking place in all sections of the insurance industry viz. life, non-life and health insurance.
The aim of the seminar was to discuss various changes affecting the industry and opportunities that are in store for everyone connected with the insurance industry, directly or indirectly also in view that Today Chartered Accountants are playing an important and influential role not only in finance and accounting but also as business advisors, strategists and in various other areas one of which is the Insurance Sector.
Mr. B S Bhandari, Wholetime Member (Economics), Pension Fund Regulatory Development Authority of New Delhi inaugurated the Seminar as Chief Guest at Taj Bengal, Kolkata. The inaugural session was also graced by CA Pramod Dayal Rungta, Chairman, EIRC of The ICAI; Mr. Vijay Kumar Sharma, Managing Director, Life Insurance Corporation of India, Mumbai; Mr. M Vasantha Krishna, Director & GM, National Insurance Co Ltd, Kolkata; Mr. Sohanlal Kadel, President, Insurance Brokers Association of India, Hyderabad; CA Sumantra Guha, Chairman, Committee of Banking, Insurance & Pension, ICAI.