A periodic meeting with the CEOs of Insurance and Reinsurance Companies was held at the Insurance Regulatory and Development Authority of India (IRDAI) Headquarters on 4th and 5th September, 2023 at Hyderabad.
The progress made towards implementation of Risk Based Capital Framework (RBC), Risk Based Supervision Framework (RBSF) and International Financial Reporting Standards (IFRS) was discussed in the meetng.
It was highlighted that first Quantitative Impact Study (QIS-1) under RBC has already been rolled out and first pilot exercise under RBSF has also been commenced. The glide path outlined for adoption of IFRS to be implemented after notification of the standard was also briefed to the insurers.
