Insurance Regulatory and Development Authority of India vide Press Release dated 27.06.2023 has proposed implementation of Risk Based Supervisory Framework (RBS) for adopting global best practices for supervision which focuses on proportionality, materiality and relies on holistic analysis of the activities of regulated entity from risk perspective. The first phase of pilots for RBS are scheduled to commence from July, 2023.
With a view to promote a ‘Principle based Regulatory regime’, foster ease of doing business and encourage proactive risk identification and management, the Insurance Regulatory and Development Authority of India (IRDAI) has been working towards developing and implementing ‘Risk Based Supervision’ (RBS) framework for insurance sector in India.
