The IRDAI has released the minutes of its 132nd Authority Meeting held on July 14, 2025, at Hyderabad.
The key highlights of the meeting are as follows:
- In absence of Chairperson, Shri Parmod Kumar Arora (Whole-time Member) was elected to preside over the 132nd meeting of the Authority by all the members present.
- In Q1 of FY 2026, the insurance industry recorded a 12.65% increase in premiums, reaching Rs. 2.92 lakh crore with Life insurance growing by 14.15% (premium garnered Rs. 2.13 lakh crore) and General insurers by 8.78% (Gross Direct Premium of Rs. 0.79 lakh crore).
- Standalone health insurers collected Rs. 9,148.64 crore up to June 2025 as against Rs. 8,320.32 crore up to June 2024, registering a growth of 9.96%.
- The AUM industry has grown to Rs. 74 lakh crore, up from Rs. 68 lakh crore in the previous year.
- Further, the Foreign Direct Investment inflow totalled Rs. 89,007 crore as on June 30, 2025 (wherein Insurers – Rs. 84,007 crore and Intermediaries – Rs. 5,000 crore). Paid-up capital was around Rs. 1.52 lakh crore as on March 31, 2025.
The following agenda items were discussed:
- Representation was received from Scor SE – India Branch on behalf of FRBs and Lloyd’s seeking amendment to proviso (iii) of Regulation 9 of the IRDAI (Maintenance of Information by the Regulated Entities and Sharing of Information by the Authority) Regulations, 2025. The clarification proposed in the agenda was approved and directed to be applicable to all records including those maintained in electronic form.
- The Annual Statement of Accounts for the year 2023–24, audited by C&AG, along with a separate Audit Report dated May 2, 2025, was placed before the Authority. The Annual Accounts were adopted and the Chairperson/Senior Whole-time Member (WTM) will address further queries from C&AG, forward the certified accounts to the Central Government and publish the observations along with the separate Audit Report.
- The pay scales and allowances for officers of IRDAI of Grade ‘F’ will be revised in alignment with SEBI Circular No. 09/2025 dated May 30, 2025, effective from November 1, 2022, and the power for finalization and approval of the Scheme for Professional Qualification Allowance is delegated to the Chairperson/Senior most WTM.
- Further, the pay scale and allowances for Executive Directors will be revised in alignment with the salary and allowance structure of SEBI effective from November 1, 2022, and the power for finalization and approval of the Scheme for Professional Qualification Allowance is delegated to the Chairperson/Senior most WTM.
A copy of the minutes of the meeting is attached for your ready reference.
Attachment
Source Category: IRDAI
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