Irdai Takes Action Against Regulatory Violations

Insurance regulator Irdai has announced the formation of expert panels comprised of whole-time members. These panels are tasked with investigating violations of regulatory norms by insurers and intermediaries. This significant move was decided during the 132nd meeting of the Insurance Regulatory and Development Authority of India (Irdai).

Addressing Data Leakage and Mis-selling

The insurance sector has been under scrutiny due to reports of data leakage and the mis-selling of policies. In response, Irdai is stepping up its enforcement functions to ensure compliance with the Insurance Act and related regulations.

Streamlining Share Transfer Applications

Additionally, a separate panel of Whole-Time Members will be formed to oversee specific share transfer applications and other pertinent matters, as part of the Authority's delegation of powers.

Approval of Kiwi General Insurance

The meeting also saw the approval of the initial application form (R1 application) of Kiwi General Insurance, marking a step forward in the company's journey to obtain a certificate of registration as an Indian Insurance company.

Future Regulatory Approvals

Looking ahead, the 'Rural, Social Sector and Motor Third Party obligations' under IRDAI regulations for the financial years 2025-26 and 2026-27 were approved, alongside the release of a Technical Guidance Document for the Second Quantitative Impact Study (QIS 2) for the implementation of Risk Based Capital (Ind-RBC).