Kathmandu. The regulator has set up a standing committee to monitor the rising complaints of insurers and intermediaries cheating in India.
The Insurance Regulatory and Development Authority of India (IMA) has formed a full-time committee of members to continuously monitor and investigate cases of violation of regulatory norms by insurers and intermediaries.
According to the Asian Insurance Post, the decision in this regard was taken in the 132nd meeting of the AUTHORITY.
In the recent past, unauthorized access to sensitive data and details related to the insured in the Indian insurance sector and mis-selling of insurance policies have come to light in a series of ways.
In the context of delegation of powers by the authority, the regulator has also decided to constitute a panel of full-time members to consider specific share transfer applications and other matters.
During the meeting, the meeting also approved a proposal to issue technical guidance for the second quantitative impact study for implementation of ‘Rural, Social Sector and Motor Third Party Obligations’ and risk-based capital under nea rules for the financial years 2025-26 and 2026-27.
