On June 24, 2020, India’s insurance regulator, the Insurance Regulatory and Development Authority of India (IRDAI) has formulated a 9-member working group(WG) headed by Anjan Dey, general manager of the New India Assurance, to suggest insurance products covering various risks involved in the use of Remotely Piloted Aircraft System(RPAS)/ Drones.
The panel shall need to submit its report within six weeks.
Terms of Reference (ToR) of the Working Group are as follows:
-IRDAI has tasked the group to make recommendations related to product design and development to meet the needs of RPAS owners and operators, including third party liability.
-The group will also make recommendations related to the underwriting of such risks, including re-insurance aspects.
-Investigation of an insurance perspective and any other relevant matter related to the subject is included.
Other members of the panel:
- Arthi Mathur, general manager, Oriental Insurance Company (Member)
- Savio Fernandes, deputy general manager, General Insurance Corporation of India (Member)
- S Vishwanathan, head of commercial lines underwriting, SBI General Insurance (Member)
- Diptanshookumar, deputy Vice President, Tata AIG (Member)
- TA Ramalingam, chief technical officer, Bajaj Allianz (Member)
- C Latha, IRDAI (Member)
- Mukesh Kewalramani, IRDAI (Member)
- Ajay Kumar, IRDAI (Convenor)
The Civil Aviation Ministry had earlier on June 5, 2020 issued draft rules for making and using drones in India. It proposed that an authorized manufacturer or importer could sell his equipment only to such person or entity as approved by the aviation regulator DGCA (Director General of Civil Aviation).
Why this cover needed?
Drones are increasingly being considered or actively used by the state government and the central government in the war against coronavirus (covid-19) in the epidemic as it proving to be very efficient to deliver essential materials like medicines & used for public surveillance, crowd tracking.
About the Insurance Regulatory and Development Authority of India (IRDAI):
Headquarters– Hyderabad, Telangana
Chairman– Dr. Subhash Chandra Khuntia