IRDAI forms panels to probe violations
The move is part of the enforcement function, specifically to decide on the violations of the provisions of the Insurance Act and regulations, the regulator said on the July 14 meeting of the Authority at its headquarters here. The decision on the panels comes amid reports of government seeking to crackdown on mis-selling, some insurers coming under scrutiny and complaints around claim settlement.
IRDAI has also formed panel of whole-time members to consider specific share transfer applications. The meeting also approved certain clarifications/modifications, from a perspective of ease of doing business, in the existing regulations related to maintenance and sharing of information; and to the revised guidelines on insurance repositories and electronic issuance of insurance policies.
Nod for R1 of Kiwi General Insurer
The meeting approved the R1 application - the first stage approval in the registration process of an insurance company – of Kiwi General Insurance.
The IRDAI meeting discussed the implementation of Risk Based Capital (Ind-RBC), one of the key areas to pursue development agenda with the objective of overall growth coupled with optimum utilisation of capital, basis the risk profile of insurers. The results from the impact assessment from the First Quantitative Impact Study (QIS 1) were also deliberated. The technical guidance document for QIS 2 will be released soon and insurers will be required to complete the exercise in 2-3 months.
The meeting also approved the rural, social sector and motor third party obligations for FY 2025-26 and FY 2026-27.
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