IRDAI issued a press release dated November 18, 2024, on the quarterly meeting of IRDAI with the insurance industry (‘Bima Manthan’) held on November 11, 2024, and November 12, 2024, in Hyderabad. The key highlights of the Press Release are as under-
- Discussions focused on the Indian insurance industry’s preparedness, strategy, and technology adoption for the Risk-Based Capital (RBC) regime, Risk-Based Supervisory Framework (RBSF), and International Financial Reporting Standards (Ind AS).
Discussions focused on the Indian insurance industry’s preparedness, strategy, and technology adoption for the Risk-Based Capital (RBC) regime, Risk-Based Supervisory Framework (RBSF), and International Financial Reporting Standards (Ind AS).
- Discussions included regulator observations, insurers’ experiences with the quantitative impact study (QIS) for RBC implementation, gap assessments for Ind AS adoption, and pilot studies under the RBS framework.
Discussions included regulator observations, insurers’ experiences with the quantitative impact study (QIS) for RBC implementation, gap assessments for Ind AS adoption, and pilot studies under the RBS framework.
- Discussions reviewed observations from RBC QIS , focusing on next-phase expectations, explored gap assessments in critical areas of Ind AS adoption, and highlighted key insights from the RBSF pilot study regarding industry readiness and implementation steps.
Discussions reviewed observations from RBC QIS , focusing on next-phase expectations, explored gap assessments in critical areas of Ind AS adoption, and highlighted key insights from the RBSF pilot study regarding industry readiness and implementation steps.
- The update on Bima Sugam emphasized its transition from a visionary concept to a tangible, customer-centric digital infrastructure, set to revolutionize the Indian insurance sector by improving accessibility, transparency, and the overall consumer experience.
The update on Bima Sugam emphasized its transition from a visionary concept to a tangible, customer-centric digital infrastructure, set to revolutionize the Indian insurance sector by improving accessibility, transparency, and the overall consumer experience.
- Amid digital transformation, insurers discussed key cybersecurity risks, including vulnerabilities in IT systems, third-party vendors, cloud security, and AI-driven cyberattacks, emphasizing the urgent need to strengthen Information Systems security to combat evolving threats.
Amid digital transformation, insurers discussed key cybersecurity risks, including vulnerabilities in IT systems, third-party vendors, cloud security, and AI-driven cyberattacks, emphasizing the urgent need to strengthen Information Systems security to combat evolving threats.
- Discussions also covered industry performance, strategies to boost insurance penetration, and capital augmentation avenues such as insurer listings in the revised regulatory environment, with the Bima Manthan reflecting the industry’s collective commitment to achieving the vision of “Insurance for All” by 2047.
Discussions also covered industry performance, strategies to boost insurance penetration, and capital augmentation avenues such as insurer listings in the revised regulatory environment, with the Bima Manthan reflecting the industry’s collective commitment to achieving the vision of “Insurance for All” by 2047.
A copy of the press release is attached for your ready reference.
Source category: IRDAI
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