INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA

HYDERABAD

Minutes of the 62^nd meeting of the Procurement Committee held on 23^rd October, 2020 through email circulation

Sub: Renewal of Insurance Policy for insurance cover of Building & Contents and other assets

The agenda submitted by Administration Department was circulated to Members of the Procurement Committee through mail and views/observations were also received through mail.

2.     The details submitted by Administration Department are as follows:

a)    The existing policy is expiring on 06.11.2020. Quotations were called from all General Insurance Companies and the last date for submission of quotes was 20^th October 2020.

b)    In response, 17 insurers have submitted their quotes. The quotes were evaluated keeping in view, the coverage and other terms under which the bids were called for.  On the basis of conformity with the required coverage, the department recommended L1 bidder for renewal of insurance policy for the year 2020-21.

3.     The Committee noted the submissions and recommended for renewal of insurance policy with M/s National Insurance Company Limited at their quoted price of Rs.15,26,069/-.