IRDAI vide Press Release dated June 27, 2023 has notified regarding its collaboration with M/s Toronto Centre, which is a not-for profit organisation to develop and implement ‘Risk Based Supervision’(RBS) to further:
1. Promote a ‘Principle based Regulatory Regime’
2. Foster ease of doing business
3. Encourage proactive risk identification and management
IRDAI also states that RBS is a shift towards adopting the best global practices for supervision. IRDAI has been engaging with various stakeholders over the past few months to ensure development and implementation of RBS and the first phase of pilots for RBS is scheduled to commence from July, 2023.
Source category: IRDAI
Attachments
- /2023/224_Press_Release_-_Risk_Based_Supervisory_Framework.pdf
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