The Insurance Regulatory and Development Authority of India (IRDAI) conducted its 132nd Authority meeting on 14th July 2025 in Hyderabad, in line with IRDA (Meetings) Regulations, 2000. Key decisions included approval of rural, social sector, and motor third-party obligations for FY 2025-26 and FY 2026-27 under the IRDAI (Rural, Social Sector and Motor Third Party Obligations) Regulations, 2024. The Authority also reviewed progress on implementing the Risk Based Capital (Ind-RBC) framework. It noted the findings of the First Quantitative Impact Study (QIS 1) and approved the release of the updated Technical Guidance Document for the Second QIS (QIS 2), which incorporates insurer feedback and revised data templates. Insurers are expected to complete this exercise within two to three months. Additionally, the Authority granted first-stage registration (R1) approval to M/s Kiwi General Insurance Ltd. The meeting also addressed regulatory clarifications under IRDAI (Maintenance and Sharing of Information) Regulations, 2025, and updated guidelines on insurance repositories and electronic policy issuance. As part of enforcement functions, panels of Whole-Time Members were constituted to handle regulatory violations and to examine share transfer applications. This marks the third Authority meeting for FY 2025-26.
Insurance Regulatory and Development Authority of India
The 132nd Meeting of the Authority was held on the 14th July 2025 at IRDAI, Hyderabad in accordance with the provisions of the IRDA (Meetings) Regulations 2000. Apart from the routine regulatory and administrative matters deliberated/approved in the meeting, the following major aspects received Authority’s approval:
1. Rural, Social Sector and Motor Third Party obligations for FY 2025-26 and FY 2026-27
Rural, Social Sector and Motor Third Party obligations under IRDAI (Rural, Social Sector and Motor Third Party Obligations) Regulations, 2024 for FY 2025-26 and FY 2026-27 were approved.
2. Release of Technical Guidance Document for Second Quantitative Impact Study (QIS 2) for implementation of Ind-RBC
A status update on implementation of Risk Based Capital (Ind-RBC) which is one of the key areas to pursue development agenda with the objective of overall growth coupled with optimum utilization of capital, basis the risk profile of the insurers, was discussed. The results from the impact assessment from the First Quantitative Impact Study (QIS 1) were also deliberated.
The Technical Guidance document for carrying out the QIS 2 has been updated considering inputs received from insurers and working groups. The template for data submission is also being reviewed through dry run. An updated Technical Guidance Document along with internally designed template will be released soon. Insurers will be required to complete the exercise in two to three months.
3. Approval of R1 application, the first stage approval in the registration process of an Insurance Company.
R1 application of M/s Kiwi General Insurance Ltd. was approved
4. Other important agendas included
i. For ease of doing business certain clarifications/modifications in the existing regulatory stipulations were approved as regards:
- IRDAI (Maintenance of Information by the Regulated Entities and Sharing of information by the Authority), Regulations 2025
- Revised Guidelines on Insurance Repositories and Electronic Issuance of Insurance Policies (Reference IRDAI/INT/GDL/INSRE/111/05/2015 dated 29th May 2015)
ii. 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
iii. In terms of delegation of powers by the Authority, panel of Whole-Time Members were formed to consider specific share transfer applications and other matters
This was the third meeting of the Authority in the current financial year FY 2025-26
