Saturday, December 1, 2007

S. V. Mony

"Life insurance is the only financial service that takes care of the long term investment needs of the individual, the retail customer."

S. V. Mony, Secretary General, Life Insurance Council

December 1, over lunch

2 comments:

Murali said...

Mony's bio...


Mr. S. V. Mony
Secretary General
Life Insurance Council




2005-2006 (i) Secretary General, Life Insurance Council, India

Non Executive Chairman, Cholamandalam M S General Insurance Co. Ltd., Chennai
1999-2005 CEO and later Vice Chairman of new Life insurance JV, AMP Sanmar

1997-1999 Asia Director, for GIO Australia, based in Kuala Lumpur

1995-1997 Senior Fellow at the Business School of Nanyang Technology University, Singapore, in their Actuarial Science and Insurance Department

1984-1995 Chairman, GIC, CMD New India and other senior positions in the Indian Insurance industry

1975-1984 In West Indies as Regional Insurance Advisor to 13 Caribbean countries initially through Government of India and later through UNCTAD, Geneva. Main areas of work included: Insurance legislation, setting up Regulatory Framework, Setting up of a national Insurance and Reinsurance Company, setting up Barbados as an attractive Global Offshore Insurance centre etc.


Mr. Mony has held Chairmanship / directorship in institutions such as Asian Reinsurance Corporation, Bangkok, LIC of India, Securities Trading Corporation, UTI Bank, CRISIL etc. He was a member of the IRDA’s Advisory Committee.


Mr. Mony has been a resource person on insurance across many countries. He was a member of Indian delegation representing India on Financial Services in the Uruguay Round Talks. He also chaired the weeklong first meeting of the UNCTAD’s New Committee for Insurance. He has presented papers at conferences in several countries such as Philippines, Thailand, Australia, Trinidad, Egypt, S. Korea, Singapore, and Malaysia.


Mr. Mony’s other interests include classical music, tennis and reading.

Murali said...

A recent press release...

Life Insurance Council, Institute of Actuaries of India sign agreement to form Mortality and Morbidity Investigation Center


* To start the process of creating new Mortality and Morbidity database


Chennai, November 22, 2007: – Life Insurance Council, the industry body of life insurance companies in India and the Institute of Actuaries of India (IAI), on Thursday signed an agreement to set up the Mortality and Morbidity Investigation Centre (MMIC). The MMIC, which will function as an extended arm of IAI, shall be responsible for computing the new mortality and morbidity tables for the life insurance industry in India.


Mr S.V.Mony, Secretary General, Life Insurance Council and Mr. G.N.Agarwal, President, IAI signed the agreement in a formal signing ceremony held in Mumbai today. Amongst the dignitaries present were Dr. R.Kannan, Member (Actuary), IRDA, Mr. T.S.Vijayan, Chairman, LIC, Mr. Heerak Basu, Apointed Actuary, Tata AIG and Mr. S. Madhusudhan, Actuary, Munich Re.


The MMIC, which will draw technical expertise from IAI, shall be funded by the Life Insurance Council.


The overhaul of the mortality and morbidity data shall benefit policyholders and prospects since risk premiums will be more specific to demographic sub-sections in terms of age, occupation, location, etc. Similarly incidence of morbidity-diseases- can alos be analysed and risk-premium tables prepared more accurately reflecting the exposure.


Mr. S. V. Mony, Secretary General, Life Insurance Council said: “The setting up of MMIC is an important milestone in the development of life insurance, Pensions, and health insurance. Given the existing low penetration of life insurance in the country, the new mortality and morbidity tables will provide more risk-based rating tables for different segments of society and the benefit of the policyholders. This in turn can be expected to spread insurance faster and wider.


Mr. G.N. Agarwal, President, Institute of Actuaries of India said: “The proposed introduction of new mortality and morbidity database will now become a reality, with the formation of the MMIC. The data overhaul will help the industry in designing new innovative products and help expand the insurance coverage and reach across the average Indian household in the country.”


The Management and Technical Advisory Committee (MTAC) comprising of experts from Insurance and Actuarial fields would be responsible for managing the day-to-day operations at the MMIC. The necessary appointments would be made by the Council and IAI to commence the functioning of the MMIC at the earliest.


The MMIC would also have some eminent independent members nominated, as agreed between the Council and the Institute.


Life Insurance companies refer to the mortality and morbidity data while computing premium for their various insurance products. A mortality table indicates the probability of the death of male and female policyholders at all ages, whereas Morbidity table offers insights on the probability of incidence of the disease.


The objects of MMIC would be:

Collection of statistics relating to mortality and morbidity of various classes of assured lives, annuitants and pensioners and members of public in classifications as may be considered necessary
Analysis of such statistics and preparation of reports for use by the insurers, actuaries and by any other organization or institution for which such reports could be relevant and useful.
Construction of tables of mortality and morbidity functions and of actuarial functions dependent thereon primarily for use of life insurance industry.
Making of future estimates of such mortality and morbidity rates and carrying out of special actuarial investigations as may be useful in the design of products and in the long-term assurance business, annuity and pension businesses and health insurance.
Carrying out cause-wise analysis of deaths and of studying of impaired lives in order to adopt scientifically developed methods for determining extra risks and deciding on underwriting specifications and standards.


About Life Insurance Council – It is a Statutory body under the Insurance Act 1938 and the Council is the industry association representing 17 life insurance companies operating in India.Since nationalization of life insurance industry in 1956 there was no felt role for the Council. On the opening up of the sector the Council was revived through an order from the IRDA.

The total Assets held by its Members stand close to Rs. 7,00,000 Crores with nearly 22 crores policies in force and the sector employs close to 2,00,000 persons. Council’s mission is to play a significant and complementary role in transforming India’s life insurance industry into a vibrant, trustworthy and strong sector contributing to the overall development of the economy.


Life Insurance Council’s web site can be accessed at www.lifeinscouncil.org


About Institute of Actuaries of India –


The erstwhile Actuarial Society of India has been reconstituted as The Institute of Actuaries of India under Section 3 of the Actuaries Act, 2006. The Actuarial Society of India was established in 1944 to provide a Central Organization for Members of the actuarial profession in India for the purpose of elevating the attainment and status as also promoting the general efficiency of all who are engaged in the pursuits of an Actuary. It is the Indian counterpart of the Institute of Actuaries, London. Website http://www.actuariesindia.org


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Krishna Moorthy S-9442191717/David Francis-9884052528,