INSURANCEREGULATORY DEVELOPMENT AUTHORITY OF INDIA

HYDERABAD

22^ndOctober 2018

Minutesof the 53^rd Procurement Committee meeting held on 26^thSeptember 2018 and 22^nd October 2018.

Present:

(i) Ms Pournima Gupte, Member-Actuary - Chairperson

(ii) Shri M. Pulla Rao, ED-General - Member

(iii) Shri P.K. Maiti, GM-Enforcement - Member

(iv) Shri M.S.Jayakumar, CAO - Member Convener

UserDepartment present:

(v)Smt KGPL Ramadevi, GM - Communications

(vi)Smt Mathangi Saritha, AGM - Communications

(vii)Smt Neetu Shahdadpuri, AGM- HR Benefits

1.    Insurancecover for new premises of IRDAI

It wasapprised by the Administration Department that after shifting to new building,the insurance requirement of IRDAI Office has changed and considering the same,under the guidance of Non-Life Department, the coverage required for differentrisks with respective sum assured for different asset classes were arrived andall the non-life insurers were requested to submit their quotations. 17insurers submitted their bids, which were opened on 26^th July 2018in the presence of bidders by the Tender Opening Committee. AdministrationDepartment, summarized the bids and found that the coverage mentioned by theinsurers were not clear in some of the items and requested Non-Life Department forguidance.

Non-LifeDepartment classified the risk coverage offered by each bidder as Covered,Not Covered, Not Clear or Restricted Cover. After discussion, Administrationdepartment sought clarification from the insurers on ‘Not clear’ items andsubmitted the tabulated information to Non-Life Department for furtherguidance. Non-Life Department suggested that from prudence perspective, fullcoverage is recommended and as for selection of insurer, the applicableRules/Guidelines for each procurement may be followed.

TheCommittee advised the Department to relook into the matter considering theprice quoted vis-a vis with the coverage provided by insurers whose price islower than the companies treated as offering full coverage. The Departmentinformed the Committee that they will revisit the coverage and price inconsultation with the Non-Life Department and place their recommendations tothe Procurement Committee. Administration Department after consultation withNon-Life department suggested on 22^nd October 2018 that fullcoverage to be considered and accordingly requested to consider L1 bidder M/sUnited India Insurance Co Ltd. for Rs 15,76,415/-. The Committee agreed withthe recommendation to insure with L1 bidder, M/s United India Insurance Co Ltd.for Rs 15,76,415/-

2.   Insuranceawareness campaign through Metro Rail

Theitem was deferred for want of additional information on the details provided inthe agenda.

The meeting concluded with vote of thanks tothe Chair.

M.S.Jayakumar P.K. Maiti M. Pulla Rao

Member-Convener Member Member

Ms Pournima Gupte

Chairperson