The interests of the Indian insurance industry and policyholders will be better served if a penultimate insurance authority that is more powerful than the Insurance Ombudsman is formed, a research report prepared by independent insurance industry veterans H Ansari, former IRDAI member (non-life) and Arun Agarwal, ex-Lloyds of London senior executive, has said. The India Office of City of London supported the study that aims to lay out an agenda for the Indian insurance industry and its policy framework.