IRDAI issued a Press Release on 132nd Meeting of the Authority which was held on the 14th July…

IRDAI issued a Press Release on 132nd Meeting of the Authority which was held on the 14th July 2025 at IRDAI, Hyderabad. The key highlights of the Press Release are as under:

• The Rural, Social Sector, and Motor Third Party obligations under the IRDAI (Rural, Social Sector and Motor Third Party Obligations) Regulations, 2024, have been approved for FY 2025–26 and FY 2026–27.

The Rural, Social Sector, and Motor Third Party obligations under the IRDAI (Rural, Social Sector and Motor Third Party Obligations) Regulations, 2024, have been approved for FY 2025–26 and FY 2026–27.

• A status update on the implementation of Risk-Based Capital (Ind-RBC),was discussed. The results of the First Quantitative Impact Study (QIS 1) were also deliberated.

A status update on the implementation of Risk-Based Capital (Ind-RBC),was discussed. The results of the First Quantitative Impact Study (QIS 1) were also deliberated.

• Feedback from insurers and working groups is incorporated in the Technical Guidance Document for QIS 2. The updated guidance document and template will be released shortly, and insurers will be required to complete the exercise within two to three months.

Feedback from insurers and working groups is incorporated in the Technical Guidance Document for QIS 2. The updated guidance document and template will be released shortly, and insurers will be required to complete the exercise within two to three months.

• R1 application of M/s Kiwi General Insurance Ltd. was approved

R1 application of M/s Kiwi General Insurance Ltd. was approved

• Certain clarification and modification in the IRDAI (Maintenance of Information by the Regulated Entities and Sharing of information by the Authority), Regulations 2025 and Revised Guidelines on Insurance Repositories and Electronic Issuance of Insurance Policies (Reference IRDAI/INT/GDL/INSRE/111/05/2015 dated 29th May 2015) were approved.

Certain clarification and modification in the IRDAI (Maintenance of Information by the Regulated Entities and Sharing of information by the Authority), Regulations 2025 and Revised Guidelines on Insurance Repositories and Electronic Issuance of Insurance Policies (Reference IRDAI/INT/GDL/INSRE/111/05/2015 dated 29th May 2015) were approved.

• Panels comprising Whole-Time Members were constituted to:

Panels comprising Whole-Time Members were constituted to:

• adjudicate on violations related to the Insurance Act and associated regulations by specific insurers and insurance intermediaries as part of the Authority’s enforcementzfunctions, and

adjudicate on violations related to the Insurance Act and associated regulations by specific insurers and insurance intermediaries as part of the Authority’s enforcementzfunctions, and

• consider specific share transfer applications and other delegated matters in accordance with the Authority’s framework for delegation of powers.

consider specific share transfer applications and other delegated matters in accordance with the Authority’s framework for delegation of powers.

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