IRDAI Corner

The Eighth Bima Manthan, the quarterly meeting of IRDAI with the insurance industry was held on 11th and 12th November 2024, in Hyderabad

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This edition is one of its kind where the Regulator had detailed deliberations with the top brass of the insurance industry on key issues to gear up industry to be future ready while also aligning with global standards. This Manthan garners importance because of the fact that the Regulator met various Key Managerial Personnel of the Industry together, to have focused interaction on topics of importance. Industry was represented by the Chief Executive Officers along with their Chiefs of Finance, Technology, Compliance, Risk and Actuarial functions.

Discussions delved deep into the industry's readiness, implementation strategy, rollout plan, technology adoption in the key areas of Indian Risk-Based Capital (RBC) regime, RiskBased Supervisory Framework (RBSF) and the adoption of International Financial Reporting Standards (IFRS) i.e. Ind AS.