IRDAI MINUTES OF THE 128th MEETING
The IRDAI has placed the minutes of its 128th meeting held on December 20, 2024, on its website. The key highlights of the meeting are as follows:
- The Chairman highlighted the industry’s growth, with premiums reaching ₹7.30 lakh crore by November 2024, an 11% increase, and AUM rising to ₹72 lakh crore by September 2024. FDI inflows totalled ₹87,000 crore by December 2024, with insurers contributing ₹82,000 crore and intermediaries ₹5,000 crore.
- The following Agenda Items were discussed:
| Sl. No. | Agenda Item | Minutes of the Meeting |
|---|---|---|
| 1. | Agenda Note by Circulation on IRDAI’s Annual Report 2023-24 | The Authority noted and adopted the circular agenda on the IRDAI Annual Report 2023-24, which was approved by all members and presented in Parliament in December 2024. |
| 2. | IRDAI (Meetings) (Amendment) Regulations, 2024 | A presentation on proposed amendments to the IRDA (Meetings) Regulations, 2000, aimed at improving clarity and efficiency in Authority meetings was made, and the agenda was approved. |
| 3. | IRDAI (Insurance Advisory Committee) (Amendment) Regulations, 2024 | A presentation on proposed amendments to the IRDAI (Insurance Advisory Committee) Regulations, 2000, to improve clarity and efficiency in the advisory functions of the Committee was made, and the agenda was approved. |
| 4. | IRDAI (Re-insurance Advisory Committee) (Amendment) Regulations, 2024 | A presentation on proposed amendments to the IRDAI (Re-insurance Advisory Committee) Regulations, 2019, aimed at enhancing the efficiency of re-insurance advisory committee meetings, was made, and the agenda was approved. |
| 5. | IRDAI (Maintenance of Information by Regulated Entities and Sharing of Information by the Authority) Regulations, 2024 | A presentation was made proposing the merger of the IRDA (Sharing of Confidential Information), IRDAI (Maintenance of Insurance Records), and IRDAI (Minimum Information Required for Investigation and Inspection) Regulations, with changes presented in the consolidated regulations, and the agenda was approved. |
| 6. | IRDAI (Regulatory Sandbox) Regulations, 2024 | A presentation was made on the review of the Regulatory Sandbox regulations, proposing changes to make it principle-based, with operational stipulations to be issued as a master circular, and the agenda was approved. |
| 7. | Revision of existing delegation relating to approval of share transfer and amalgamation of Insurance Intermediaries | A proposal was made to revise the existing delegation for the approval of share transfer and amalgamation of Insurance Intermediaries in the following regulations:
The agenda was approved. |
A copy of the minutes of the meeting and the agenda is attached for your ready reference.
Source category: IRDAI
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