Insurance Regulatory and Development Authority of India approves FY 2025-27 rural social sector and motor third party obligations and clears updated Ind-RBC QIS 2 guidance

The Insurance Regulatory and Development Authority of India reported outcomes from its 132nd meeting, including approval of rural and social sector obligations and motor third party obligations for financial years 2025-26 and 2026-27, and progression of implementation work for the Indian Risk Based Capital framework through the next quantitative impact study. Obligations were approved under the IRDAI Rural, Social Sector and Motor Third Party Obligations Regulations, 2024. For Ind-RBC, the Authority reviewed results from the first quantitative impact study and updated the technical guidance for the second quantitative impact study to reflect inputs from insurers and working groups, with the data submission template undergoing dry runs. The meeting also approved the R1 application of M/s Kiwi General Insurance Ltd, as the first-stage approval in the insurance company registration process, endorsed clarifications and modifications aimed at ease of doing business relating to information maintenance and sharing rules and to guidance on insurance repositories and electronic issuance of policies, and constituted panels of Whole-Time Members for enforcement matters and for considering specified equity share transfer applications and other delegated matters. An updated QIS 2 Technical Guidance Document and an internally designed data submission template are to be released soon, and insurers will be required to complete the QIS 2 exercise within two to three months.