 "The insurance sector is at a critical juncture. Despite impressive growth in premium income – from Rs 1 trillion in FY05 to more than Rs 6.7 trillion in FY24 – the sector has yet to fully realise its potential in terms of broader penetration and impr")
Don't want to miss the best from Business Standard?
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 thereunder, 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.
Also Read
 "irdai")
 "India National Adaptation Plan, India climate change, UNFCCC climate commitments, NAP India, Paris Agreement, climate policy, biodiversity")
 "Debasish Panda, Chairman, IRDAI (Photo credit: Kamlesh Pednekar)")
 "Adhaar, UIDAI")
 "Mamata Banerjee, Mamata")
The release further said the initial application form (R1 application) of Kiwi General Insurance was also approved during the meeting.
To obtain the certificate of registration as an Indian Insurance company an applicant has to undergo three linear stages -- R1, R2 and R3.
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.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
 "Jayant Chaudhary, Minister of State (Independent Charge) for Skill Development and Entrepreneurship")
 "Delhi High Court")
 "Ahead of the first offshore mineral auctions, the central government has introduced royalty rates for construction sand, polymetallic nodules, and overburden or waste—key minerals to be extracted through offshore mining. The royalty rate for dolomite")
 "Urban Unemployment, Jobless, NSSO")
 "Man holding phone")
