What is the WPC Full Form in Insurance?
The WPC full form in insurance is With Profits Committee. Insurance companies aim to balance their profitability while maintaining the interests of the policyholder intact. This governance system relies on the With Profits Committee of the insurance company. They will advise the company on devising policies and fund decisions.
Role of With Profits Committee in India:
The role of the WPC is to approve the detailed working of the asset share of the insurance company. The calculations of the asset share are important to ensure fairness for the policyholders. The board of directors at the With-Profits committee will govern the with-profit funds and will also define strategies for regulatory compliance, announcing bonuses, planning investment strategies etc. The committees will also advise the governing body, and together, they work towards easing policyholder difficulties.
Non-management activities of WPC:
The With Profits Committee will not handle the everyday fund management of the business. The committee will only advise and not manage the finances. The interests of the policyholder will be considered for decision-making. They will examine the investment strategies, modify policies, and inform policyholders about the changes in the policies, etc.