“As part of enforcement function, to decide on the violations observed as regards the provisions of Insurance Act and Regulations issued there under, with respect to certain Insurers/Insurance Intermediaries, panels of Whole-Time Members were formed,” Irdai said.
Hyderabad: 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 there under, 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.
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.
It’s a good decision on the part of irdai to form committees for implementing the regulations in a proper way. The regulator should have specific committee to protect the interest of the customers due to miss selling of insurance at the dealers points who got MISP licence. The automobile dealers are insisting the customers to take the insurance compulsorily from them and charging exorbitant premiums. Even Third party premiums are also charged at a higher rate for electric vehicles in collusion with some insurers. Misp regulation was introduced to put cap on the payouts to the dealers but it did not serve the purpose. Still the dealers are getting higher payouts by charging higher premiums.
IRDAI has to put special checks on the higher premiums charged, forcing the customers to take insurance from the dealer only.