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India’s insurance authority moves toward risk-based capital for dev’t agenda

A 'technical guidance' document has been issued to assist the insurance industry.

The Insurance Regulatory and Development Authority of India (IRDAI) is actively engaged in creating and implementing the Indian Risk-Based Capital (Ind-RBC) Framework.

This framework aims to ensure that insurers maintain an appropriate capital level that aligns with the risks inherent in their insurance and reinsurance activities. 

By doing so, it becomes a crucial tool for insurers to optimise capital usage and enhance risk management effectiveness.

The Ind-RBC framework for the domestic insurance industry is part of its developmental agenda.

Transitioning from the present factor-based model to the RBC model is a significant move for the IRDAI, the institution said in a statement.

This transition is being initiated through the First Quantitative Impact Study (QIS1), a key step that allows a comprehensive assessment of potential impacts on insurers' capital and overall solvency. 

A 'technical guidance' document has been issued to assist the insurance industry in quantifying and assessing risks in the context of QIS1, accompanied by a corresponding circular.

ALSO READ: Indian life insurance industry to reach $170b in four years: Global Data

To ensure a systematic progression, insurers are required to submit the QIS1 outcomes within a specified timeframe. 

Following the assessment of QIS1 results, IRDAI plans to conduct successive quantitative impact studies (QIS), an ongoing process that could lead to refining and evolving the RBC framework, ultimately leading to its formal implementation.

IRDAI said this approach not only enhances financial resilience but also aligns with the shared vision of inclusive insurance by the year 2047.

 

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