The Insurance Regulatory and Development Authority of India (hereinafter referred to as the “IRDAI”) has issued a Press Release on Meeting with CEOs of Insurance Companies on 17th September 2025. The meeting was presided by Mr. Ajay Seth, Chairperson, IRDAI.
The key focus of the meeting was as follows:
- The exemption granted on GST to life and health insurance was welcomed, as a part of next-generation income tax reforms.
- The insurers were advised to pass on the full benefit of this exemption to policyholders, improving the affordability, accessibility and availability of insurance products suitable for different segments of population and economic entities.
- The requirement to expand penetration of insurance to the rural population and the unorganised sector and rural and social sectors was also highlighted.
- The Chairman drew special attention to expand the coverage under government sponsored insurance schemes for vulnerable sections.
- It was also discussed to further improve the service quality, including claims settlement in timely and efficient manner, and making grievance redressal mechanism more robust and responsive.
- The meeting underscored the need to strengthen and establish service standards for market conduct, compliance, risk management and internal audit functions, and creating a standing forum at the Life Council to examine court awards and derive learnings.
The meeting concluded with Chairman’s remarks on the vision of “Insurance for All by 2047”, ensuring every citizen and business in India has access to adequate and affordable insurance, supporting the goal of building a resilient and inclusive Viksit Bharat. The Chairman emphasized upon making insurance simpler and more inclusive through these steps.
Source category: IRDAI
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