India’s Insurance Regulatory and Development Authority (IRDAI) has formed panels of members of its entire time to decide on violations by some insurers/insurance intermediaries.
This step is part of the enforcement ceremony, especially to decide on violation of the provisions of the Insurance Act and rules, the regulator said at the Authority’s 14 July meeting at its headquarters. The decision on panels comes amid reports of the government seeking action on wrong-selling, some insured are coming under investigation and complain around claim disposal.
IRDAI has also created a panel of full -time members to consider specific share transfer applications. The meeting also approved some clarifications/amendments, which from the perspective of ease of doing business, related to maintenance and sharing of information in existing rules; And for the revised guidelines on the issue of electronic of insurance repository and insurance policies.
Kiwi Node for General Initiator’s R1
The meeting approves the R1 application – first phase approval in the registration process of an insurance company – Kiwi General Insurance.
The IRDAI meeting discussed the implementation of the risk-based capital (IND-RBC), which in association with the optimal use of capital is one of the major areas to carry forward the agenda of development with the objective of overall development, which base the risk profile of the insurers. The results from the first quantitative impact study (QIS 1) were also intentionally performed from the impact evaluation. Technical guidance documents for QIS 2 will be released soon and insurers will need to complete the practice in 2-3 months.
The meeting also approved the obligations of rural, social sector and motor third party for FY 2025-26 and FY 2026-27.
Published – July 15, 2025 09:52 pm IST
