IRDAI has published the Minutes of 126th Meeting. Key Agenda Items and Approvals includes the following:
Expansion of Sanctioned Strength for Assistant Managers (AMs):
The first item on the agenda was a proposed increase in the sanctioned strength of Assistant Managers (AMs) for the years 2025, 2026, and 2027. Initial approval had been granted in the Authority’s 119th and 121st meetings to recruit 120 AMs by 2025. However, given the recent expansion in the insurance sector, driven by regulatory reforms and the entry of more insurers, an increase in resources, especially human resources, was deemed necessary. This expansion is part of the industry’s commitment to align with global standards in areas such as Risk-Based Capital, Ind AS (International Financial Reporting Standards), and Risk-Based Supervisory Frameworks.
The Authority approved the proposal to recruit 40 AMs annually, increasing the total sanctioned strength to 225 by the end of 2027. This strategic recruitment is aimed at enhancing regulatory oversight and supporting industry growth.
Delegation of Powers (DoP):
The second agenda item involved the delegation of powers for operational efficiency under Section 23(1) of the IRDA Act, 1999. This delegation is applicable to various regulations and master circulars, including:
- The IRDAI (Registration, Capital Structure, Transfer of Shares, and Amalgamation of Insurers) Regulations, 2024.
- The IRDAI (Bima Sugam – Insurance Electronic Marketplace) Regulations, 2024.
- The IRDAI (Registration and Operations of Foreign Reinsurers Branches and Lloyd’s India) Regulations, 2024.
- The IRDAI (Protection of Policyholders’ Interests, Operations, and Allied Matters of Insurers) Regulations, 2024.
- Master Circular on Corporate Governance for Insurers, 2024.
- Master Circular on Rural, Social Sector, and Motor Third-Party Obligations, 2024.
The 126th meeting underscored the Authority’s proactive approach to ensuring robust oversight of India’s insurance industry while addressing the growing needs brought about by sectoral expansion. By approving strategic recruitment and delegation of powers, the Authority has taken concrete steps to support sustainable growth, regulatory alignment, and operational efficiency within the sector.
