Irdai Takes Action: New Panels Formed Amid Insurance Sector Violations
Insurance regulator Irdai has set up panels to investigate regulatory breaches by insurers and intermediaries. This decision arose from its 132nd meeting, focusing on violations under the Insurance Act. Key approvals included a share transfer panel and registration for Kiwi General Insurance, with upcoming regulations planned for 2025-27.
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- India
The Insurance Regulatory and Development Authority of India (Irdai) has responded to industry violations with the establishment of panels designated to oversee regulatory compliance among insurers and intermediaries. This strategic move was formalized during Irdai's 132nd meeting, highlighting its commitment to maintaining legal standards within the insurance sector.
Recent reports of data leakage and the mis-selling of policies prompted Irdai to take decisive action. As part of its enforcement function, Irdai created panels of Whole-Time Members to address these concerns, as well as tackle specific share transfer applications and other matters requiring probative oversight.
The pivotal meeting also approved Kiwi General Insurance's initial R1 application, marking the first step in earning certification as an Indian insurance company, and new regulations for the financial years 2025-26 and 2026-27 were endorsed. Additionally, Irdai released guidance for the Second Quantitative Impact Study towards implementing a Risk-Based Capital framework.
(With inputs from agencies.)
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