Irdai forms panels to look into violations by insurers

Insurance regulator Irdai has formed panels of whole-time members to look into violations of regulatory norms by insurers and intermediaries. A decision to this effect was taken at the 132nd meeting of the Insurance Regulatory and Development Authority of India (Irdai), the regulator said in a release on Tuesday. “As part of enforcement function, to decide on the violations observed as regards the provisions of Insurance Act and Regulations issued thereunder, with respect to certain Insurers/Insurance Intermediaries, panels of Whole-Time Members were formed,” Irdai said. There have been reports of data leakage and mis-selling of polices in the insurance sector. In terms of delegation of powers by the Authority, the regulator also decided to form a panel of Whole-Time Members to consider specific share transfer applications and other matters. The release further said the initial application form (R1 application) of Kiwi General Insurance was also approved during the meeting. To obtain the certificate of registration as an Indian Insurance company an applicant has to undergo three linear stages — R1, R2 and R3. During the meeting, ‘Rural, Social Sector and Motor Third Party obligations’ under IRDAI regulations for 2025-26 and 2026-27 financial years were approved. Release of Technical Guidance Document for Second Quantitative Impact Study (QIS 2) for implementation of Risk Based Capital (Ind-RBC) was also approved.