The IRDAI has placed the minutes of its 129th meeting held on March 12, 2025, on its website. The key highlights of the meeting are as follows:
- Approval has been granted to ‘M/s Valueattics Reinsurance Ltd.’ for a Certificate of Registration, making it the first reinsurer to be registered to conduct exclusively reinsurance business under the revamped regulatory framework.
- The following insurers are identified as Domestic Systemically Important Insurers (D-SIIs) for FY 2024-25:
- Life Insurance Corporation of India
- The New India Assurance Company Ltd.
- General Insurance Corporation of India
- A status update was provided on Bima Sugam India Federation (BSIF), which is developing the Insurance Electronic Marketplace under the IRDAI (Bima Sugam – Insurance Electronic Marketplace) Regulations, 2024.
- Progress in future-ready initiatives for the insurance sector was noted, including the implementation of Indian Risk-Based Capital (RBC), Ind AS (converged IFRS), and the Risk-Based Supervisory Framework.
- Status of activities undertaken by the IRDAI promoted entities viz., Insurance Information Bureau of India (IIBI) and Institute of Insurance and Risk Management (IIRM) were noted.
- A status update was discussed on the progress of the ‘State Insurance Plan,’ aimed at promoting insurance inclusion and achieving the vision of Insurance for All by 2047. The initiative facilitates collaboration between insurers, State/UT administrations, and other stakeholders. Activities by Lead Insurers, assigned to specific States/UTs, were reviewed, and the Master Scheme, currently under consultation, was outlined. The scheme focuses on a multi-tiered governance model at various levels and aims to ensure the phygital presence of insurers, supported by a centralized Mission Office for monitoring and execution.
A copy of the minutes of the meeting is attached for your ready reference.
Source category: IRDAI
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