Let’s Connect

IRDAI-Minutes of 126th Meeting

The IRDAI has placed the minutes of its126th meeting held on August 02, 2024 on its website. The key highlights of the meeting are as follows –

  • The Chairman reported that the industry garnered ₹11.17 lakh crore in premiums for FY23-24, with overall growth of 7.50%, driven by 6% growth in life insurance and 12.78% in general insurance.
  • Premiums up to June 2024 reached ₹2.60 lakh crore, reflecting a 14.50% growth year-over-year, with life insurers growing at 14.70% and general insurers at 13.33%.
  • As of March 31, 2024, the industry’s Assets Under Management (AUM) rose to approximately ₹68 lakh crore from ₹60 lakh crore the previous year, with FDI inflows up to June 2024 totalling ₹87,847 crore, including ₹67,027 crore from insurance companies; the paid-up capital increased to ₹95,000 crore from ₹92,000 crore.
  • The proposal to delegate powers for operational convenience under section 23 of the IRDA Act, 1999 was approved for the following regulations and master circulars:
  • IRDAI (Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers) Regulations, 2024
  • IRDAI (Bima Sugam – Insurance Electronic Marketplace) Regulations, 2024
  • IRDAI (Registration and Operations of Foreign Reinsurers Branches and Lloyd’s India) Regulations, 2024
  • IRDAI (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024
  • Master Circular on Corporate Governance for Insurers, 2024
  • Master Circular on Rural, Social Sector and Motor Third Party Obligations, 2024

“Sec 23,IRDA Act

Delegation of powers –

1. The Authority may, by general or special order in writing, delegate to the Chairperson or any other member or officer of the Authority subject to such conditions, if any, as may be specified in the order, such of its powers and functions under this Act as it may deem necessary.

2. The Authority may, by a general or special order in writing, also form Committees of the members and delegate to them the powers and functions of the Authority as may be specified by the regulations.”

A copy of the minutes of the meeting is attached for your ready reference.

Source category: IRDAI

Attachments

Comments are closed