 "What is Insurance Regulatory and Development Authority of India (Irdai) ?")
IRDAI
What is Insurance Regulatory and Development Authority of India (Irdai) ?
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Latest Updates on IRDAI
Insurance for All by 2047: What India needs to fix to meet the goal
Irdai's 'Insurance for All by 2047' vision aims universal coverage, but falling penetration, rural access gaps and affordability challenges raise questions over achieving the target
 "Insurance for All by 2047: What India needs to fix to meet the goal")
Regulations should minimise non-compliance, boost activity: Irdai chief
Irdai Chairman Ajay Seth advocates smart regulation and deregulation to balance compliance with growth and strengthen economic activity in India
 "Regulations should minimise non-compliance, boost activity: Irdai chief")
A first: Life insurers collected ₹4 trn in new business premium in FY26
Industry sees strongest growth since FY23 as new business premium crosses Rs 4 trillion, driven by GST cut, product launches and recovery after regulatory changes
 "A first: Life insurers collected ₹4 trn in new business premium in FY26")
Irdai seeks detailed data on distributor commission of life insurers
Insurance companies have shared the data on distributor commissions with Irdai as the regulator reviews distribution models amid concerns over high costs but are yet to get a response
 "Irdai seeks detailed data on distributor commission of life insurers")
Irdai revises cyber security norms, mandates stronger governance
Irdai strengthens cyber security framework with tighter board oversight, quarterly risk reviews and enhanced compliance norms for insurers and intermediaries
 "Irdai revises cyber security norms, mandates stronger governance")
Irdai sets up sub-panel to review private health insurance landscape
Panel will assess coverage, claims, product design, and consumer experience, and suggest regulatory and operational steps to boost penetration, trust, and innovation
System readiness gaps: Insurers likely to seek forbearance for 1 year
Irdai had mandated insurers to transition to Ind AS effective April 1
Muted Q4 expectations, regulatory changes weigh on insurance majors
Insurance stocks fall up to 4% as weak March quarter outlook, geopolitical tensions and regulatory changes weigh on growth, margins and investor sentiment
 "Muted Q4 expectations, regulatory changes weigh on insurance majors")
LIC, New India Assurance, GIC Re retain systemically important status
Irdai retains LIC, New India Assurance and GIC Re as systemically important insurers for FY26, mandating enhanced supervision, governance norms and risk management oversight
Irdai seeks compliance check, action plan on dark patterns from insurers
Irdai asks insurers to assess compliance with dark pattern norms within 15 days and submit corrective action plans within a month for any non-compliance
 "Irdai seeks compliance check, action plan on dark patterns from insurers")
Irdai forms joint expert group to guide insurers on Ind AS transition
Irdai forms a joint expert group to guide insurers on Ind AS transition, addressing implementation challenges, audit clarity, and actuarial roles
 "Irdai forms joint expert group to guide insurers on Ind AS transition")
Irdai notifies Ind AS norms for insurers; allows one-year forbearance
Regulator allows one-year forbearance and extends parallel reporting to two years as insurers transition to Ind AS framework from April 2026
 "Irdai notifies Ind AS norms for insurers; allows one-year forbearance")
India's sub-sovereign borrowing costs top 8%, highest since July 2022
Indian states raised around 400 billion rupees ($4.22 billion) earlier in the day, of which 180 billion rupees, or 45% of the amount, was raised at cutoff yields ranging between 8.00% and 8.09%
 "India's sub-sovereign borrowing costs top 8%, highest since July 2022")
Irdai asks insurance companies to keep branches open on March 31
Regulator directs insurers to maintain normal working hours on financial year-end to avoid inconvenience to policyholders
 "Irdai asks insurance companies to keep branches open on March 31")
Bima Sugam to roll out standardised life, health, motor insurance this year
Irdai to set up Public Insurance Repository to strengthen data infra
 "Bima Sugam to roll out standardised life, health, motor insurance this year")
Irdai clears Allianz Jio Reinsurance, Kiwi General Insurance to begin ops
In a press release following its 134th board meeting, the regulator said it had granted certificates of registration to one reinsurer and one general insurer
Australia's QBE to buy Prism Johnson's 51% stake in Raheja QBE for ₹324 cr
The Australian insurer will fully own the general insurance company after acquisition of 51% stake
 "Australia's QBE to buy Prism Johnson's 51% stake in Raheja QBE for ₹324 cr")
Ahead of IFRS transition, insurance industry's demand for actuaries rises
However, the industry faces supply limitations and is affected by attrition in the segment
 "Ahead of IFRS transition, insurance industry's demand for actuaries rises")
Irdai proposes April 2026 shift to Ind AS with parallel reporting phase
To smooth the transition, Irdai has proposed parallel reporting under both Ind AS and Indian GAAP during the first year of implementation
India needs more qualified actuaries amid RBC, IFRS transition: Irdai Chair
Irdai Chairman Ajay Seth flags acute actuarial talent shortage, says capacity building critical as India adopts risk-based capital norms and aligns with IFRS standards
 "India needs more qualified actuaries amid RBC, IFRS transition: Irdai Chair")