With a view to promote a ‘Principle based Regulatory regime’, foster ease of doing business and encourage proactive risk identification and management, the IRDAI has been working towards developing and implementing (RBS)framework for insurance sector in India, said IRDAI on Tuesday
Hyderabad:
Insurance regulator IRDAI has decided to implement the first phase of pilots for ‘Risk Based Supervision’ (RBS) from July, 2023.
RBS is a shift towards adopting global best practices for supervision which focuses on proportionality, materiality and relies on holistic analysis of the activities of regulated entity from risk perspective, explained IRDAI.
With a view to promote a ‘Principle based Regulatory regime’, foster ease of doing business and encourage proactive risk identification and management, the IRDAI has been working towards developing and implementing (RBS)framework for insurance sector in India, said IRDAI on Tuesday.
For this purpose, IRDAI has collaborated with M/s Toronto Centre (TC), which is a not-for profit organisation, working with mission of promoting strong supervision in order to enhance financial stability, crisis preparedness, and consumer protection.
In order to ensure robust development and smooth implementation of RBS, IRDAI has also been engaging with various stakeholders over the past few months.