Irdai asks insurers to complete QIS 2 under RBC framework by October 15

Irdai has directed insurers to conduct the Second Quantitative Impact Study using March 31, 2025 data and submit results under the Risk Based Capital framework by October 15

In a step towards implementing the Risk Based Capital (RBC) framework, the Insurance Regulatory and Development Authority of India (Irdai) on Thursday directed insurance companies to initiate the Second Quantitative Impact Study (QIS 2) and submit the results by 15 October 2025.

 

The Irdai had conducted QIS 1 in 2023 to assess the initial impact of the RBC framework.

 

In a circular, the regulator said: “Insurers shall carry out the QIS 2 as per the Technical Guidance document with the data used for actuarial valuation as at 31 March 2025. The Technical Guidance document, along with the data submission template and requirements regarding the associated template for submission of results, mode of submission of results from the QIS 2 exercise, and supplementary information, are being informed separately to the insurers.”

 

The directive applies to life insurers, general insurers, standalone health insurers, reinsurers, branches of foreign reinsurers, and Lloyd’s India.

 

The regulator has asked insurers to submit the QIS 2 results on or before 15 October 2025.