ENA Sectors 2025-07-16 16:21:56 <p><span style="font-size:14px"><strong>New Delhi, Jul 16 (KNN)</strong> The Insurance Regulatory and Development Authority of India (IRDAI) has established specialised panels comprising its whole-time members to adjudicate violations by insurance companies and intermediaries.</span></p> <p><span style="font-size:14px">The decision was announced following the Authority's meeting held on July 14 at its headquarters.</span></p> <p><span style="font-size:14px">The formation of these panels represents a strengthening of IRDAI's enforcement capabilities, specifically targeting violations of the Insurance Act and related regulations.</span></p> <p><span style="font-size:14px">This development comes at a time when the insurance sector faces increased scrutiny over mis-selling practices and concerns regarding claim settlement procedures.</span></p> <p><span style="font-size:14px">The regulatory action follows reports indicating that government authorities are seeking to intensify measures against mis-selling in the insurance sector.</span></p> <p><span style="font-size:14px">Several insurers have reportedly come under regulatory examination, with mounting complaints related to claim settlement practices drawing attention from supervisory bodies.</span></p> <p><span style="font-size:14px">In addition to the enforcement panels, IRDAI has constituted a separate panel of whole-time members to evaluate specific share transfer applications within the insurance sector.</span></p> <p><span style="font-size:14px">This move is expected to streamline the approval process for ownership changes in insurance entities.</span></p> <p><span style="font-size:14px">The Authority also approved several clarifications and modifications to existing regulations during the meeting.</span></p> <p><span style="font-size:14px">These changes, implemented from an ease of doing business perspective, affect regulations governing the maintenance and sharing of information within the insurance sector.</span></p> <p><span style="font-size:14px">Furthermore, the regulator approved updates to the revised guidelines concerning insurance repositories and the electronic issuance of insurance policies.</span></p> <p><span style="font-size:14px">These modifications are intended to enhance operational efficiency and align with digital transformation initiatives in the insurance industry.</span></p> <p><em><strong><span style="font-size:14px">(KNN Bureau)</span></strong></em></p> 42833 https://knnindia.co.in/news/newsdetails/sectors/irdai-sets-up-special-panels-to-enforce-insurance-law-violations 2025-07-16 16:21:56 knnindia.co.in