IRDAI may rollout these scorecards from June to track metrics such as claim settlement speed, billing practices and documentation standards to help policyholders make informed choices
The regulator, at its 135th Authority meeting held on March 30, approved amendments mandating insurers to prepare financial statements under Ind AS from April 1, 2026, but allowed a one-year regulatory forbearance for companies unable to immediately comply with the new framework.
While some insurers believe they can operationalise the transition within a shorter timeframe, the industry has collectively opted to seek a longer buffer.
The Public Insurance Registry is still in the design and consultation stage, with discussions ongoing between the regulator and industry stakeholders
At the heart of the initiative is an industry-wide scoring system that assigns risk profiles based on claims history, fraud markers and behavioural patterns
The changes may significantly alter actuarial calculations, profit recognition, and balance sheets for insurers, even as policyholder contracts themselves remain unaffected
Survey finds over 80% users faced manipulative design practices; interface interference most common
The NHRC has directed IRDAI to respond within a stipulated timeline, a move that could push the regulator to revisit existing norms
Sources said the proposed extension is likely from September 2026
The earlier discussions of forming a regulatory body for health insurers and hospitals may be off the table, confirmed one industry executive familiar with the matter
Insurers, analysts warn new accounting norms could disrupt near-term profit visibility
The discussions centred around standardising data-sharing protocols and accelerating system integration across insurers, as the regulator looks to build a centralised repository of policyholder records under the PIR
When a claim is denied, many policyholders assume there’s nothing left to do. In reality, there’s a clear escalation path if you believe the rejection isn’t justified.
With the April 2026 deadline approaching, insurers are expected to accelerate investments in digital fraud detection systems and cross-industry data sharing platforms as the sector transitions towards real-time fraud governance
While the reform aims to improve transparency and global comparability of financial statements, it also requires deep integration of actuarial modelling with finance and accounting functions, a capability that remains scarce in India’s insurance sector
The shortage of actuarial talent poses a challenge as India strengthens its financial protection architecture and aligns with global regulatory and accounting frameworks, Seth has said
At the heart of the project sits a structural paradox — the platform seeks to unify an ecosystem whose strongest participants are, at the same time, contenders
The current framework allows insurers to cross-subsidise loss-making wholesale and regulated segments using profits from retail business, creating pricing distortions, Rau tells Moneycontrol
Move aims to strengthen policyholder protection and tighten regulatory enforcement across insurance and intermediary ecosystem
The company is targeting a premium income of Rs 6,000 crore in FY26, compared with Rs 5,000 crore in the previous financial year
This potential development comes at a time when the Reserve Bank of India (RBI), too, recently flagged concentration risk in government securities
The regulator noted that mis-selling frequently leads to higher premiums, dissatisfaction and ultimately non-renewal of policies, contributing to a rise in lapse cases across the industry.
Insurers, intermediaries asked to brace for tighter oversight on payouts after Insurance Act amendments
During FY25, the gross reinsurance premium written by Indian reinsurers and FRBs stood at Rs 69,228.64 crore. Of this, domestic business continued to dominate, accounting for nearly 85 percent of the total, while foreign business contributed the remaining share
Industry officials familiar with the matter say the government is still at a preliminary assessment stage, with no formal execution plan or timeline in place