The IRDAI has placed the minutes of its 129th meeting held on March 12, 2025, on its website. The key highlights of minutes of the meeting are as follows:
- In the opening remark Chairman highlighted the industry’s growth, with ₹9.42 lakh crore in premiums by Jan 2025 (8% rise), health sector growing by 11%, and standalone health insurers 18%. Assets Under Management (AUM) rose to ₹72 lakh crore, FDI reached ₹87,000 crore, and equity/share premium grew to ₹1.25 lakh crore.
The following Agenda Items were discussed:
| Sr. No. | Agenda | Minutes of the Meeting |
|---|---|---|
| 2.1 | Identification of Domestic Systemically Important Insurers (D-SIIs) | It was presented on the meeting that as discussed in the 107th Authority Meeting, the identification of D-SIIs is conducted annually. Insurers achieving a threshold score of 15% are designated as D-SII. For the current year, the following insurers were proposed to be designated as D-SIIs:
The agenda was approved. |
| 2.2 | Budget for Financial Year 2025-26 | The budget for FY 2025-26 and the revised budget expenditure for FY 2024-25 were presented where the initiatives such as launching pan-India insurance awareness campaigns and strengthening internal IT systems were discussed. The agenda was approved. |
| 2.3 | GIC Re’s (Pool Manager) request for approval of reduction in rates of Indian Market Terrorism Risk Insurance Pool (IMTRIP) | A presentation was made to pool manager to approve the reduction in rates (10%) for terrorism add-on cover. In the light of de-notification of tariffs for all lines of general insurance business w.e.f. 1st April 2024, the proposed reduction in rates have been noted. The agenda was noted. |
| 2.4 | Implementation of Ind AS in Insurance Sector in India | It was presented that a dedicated team is working since June 2022 on implementation of Ind AS in the Insurance Sector, with continuous stakeholder engagement. Gap assessments are complete, and impact assessments will follow in three phases: Phase I (15 insurers), Phase II (20 insurers including FRBs), and Phase III (26 insurers), with early submission options for Phases II and III. The agenda was noted. |
| 2.5 | Status Update on Risk Based Capital (RBC) | It was presented that a team formed in June 2022 is working on establishing a RBC framework for the Indian insurance industry. After conducting the Quantitative Impact Study (QIS1) in 2023-2024, the framework is being revised based on its results, with updated stress factors for QIS2. Data as of 31st March 2025 will be used for QIS2, and the RBC framework is set for launch soon. The agenda was noted. |
| 2.6 | Status update on the Risk Based Supervisory Framework (RBSF) Project | It was presented that a team formed in June 2022 is working closely with the industry to implement RBSF Project for the Insurance sector partnering with M/s Toronto Centre (TC). As on date, TC has completed six sessions out of nine sessions under the agreement. The last phase of the project is underway on revamping of the organisation structure. The agenda was noted. |
| 2.7 | Status update on the Bima Sugam – Insurance Electronic Marketplace | It was presented that the Bima Sugam India Federation (BSIF) was formed as a Section 8 company under the Companies Act, 2013 and has received the necessary approvals under the IRDAI (Bima Sugam – Insurance Electronic Marketplace) Regulations, 2024. The agenda was noted. |
| 2.8 | Status Note on Public Awareness Campaign | It was presented that a pan-India multi-media, multi-lingual awareness campaign is underway to promote importance of insurance. Six media and six creative agencies have been empanelled, and through a limited tender and QCBS method. The agenda was noted. |
| 2.9 | Status Note on activities of IIRM | A status note on IIRM activities was presented, highlighting various training programs conducted in collaboration with industry stakeholders, regulators, and academic institutions. A key initiative is the launch of a 2-year Post Graduate Diploma in Actuarial Sciences (PGDAS) from the Academic Year 2025, accredited by the Institute of Actuaries of India (IAI), offering exemptions for seven actuarial papers. A loan agreement was also executed between IRDAI and IIRM in December 2024 for the repayment of a soft loan. The agenda was noted. |
| 2.10 | Activities undertaken by Insurance Information Bureau of India (IIB) | It was presented that under the new leadership since 2022, IIB has become self-sufficient, increasing its turnover from ₹18 crore in 2021-22 to ₹41 crore in 2024-25. They now offer innovative products and have strengthened stakeholder relationships through a single point of contact (SPOC) for each insurer. The agenda was noted. |
| 2.11 | Status Note on State Insurance Plan | A Master Scheme is being formulated with a multi-tiered governance model at various levels to identify and cover protection gaps. It emphasizes a phygital presence of insurers across all states and includes a centralized Mission Office to oversee and monitor the plan’s execution and progress. The agenda was noted. |
| 2.12 | Status update on Recruitment of Assistant Managers | It was presented that the recruitment of 30 Assistant Managers (AMs) to reach a strength of 120 by 2026 was approved in July 2022. Due to no recruitment in 2022, 45 vacancies were to be filled in 2023 and 2024. In August 2024, the sanctioned strength was increased to 225, to be achieved by the end of 2027. The agenda was noted. |
- An agenda item was presented as a table item regarding the filling of five vacancies in the Insurance Advisory Committee (IAC). The agenda was approved.
A copy of the minutes of the meeting is attached for your ready reference.
Source category: IRDAI
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