IRDAI Meeting: Proposals for compliance framework

The 128th meeting of the Insurance Regulatory and Development Authority of India (IRDAI) was held on December 20, 2024, at 11:00 AM in Hyderabad.

Amendments to IRDAI Regulations:

1. Meetings Regulations (2024): Enhancements were proposed to improve the clarity and efficiency of meetings.
2. Insurance Advisory Committee Regulations (2024): Amendments aimed at strengthening the advisory role of the committee.
3. Re-insurance Advisory Committee Regulations (2024): Changes focused on improving the efficiency of re-insurance meetings.

Consolidation of Information Regulations (2024)

The meeting approved merging three key regulations into one:

1. IRDAI (Sharing of Confidential Information) Regulations, 2012
2. IRDAI (Maintenance of Insurance Records) Regulations, 2015
3. IRDAI (Minimum Information for Investigation) Regulations, 2020

Regulatory Sandbox Regulations (2024):
Amendments were proposed to shift towards a principle-based regulatory approach, with operational guidelines to be issued as a master circular.

Revision of Delegations:
The Authority approved revisions related to the approval process for share transfers and amalgamations of insurance intermediaries under various IRDAI regulations.