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IRDAI Investigation Panels: Mis-selling and Claim Delays Probe

22 July 20251 min read
BANKING & FINANCEIRDAI InvestigationPanels: Mis-sellingand Claim DelaysProbe22 July 2025safalsetu.com

Why in the news

To toughen enforcement, IRDAI decided to form investigation panels for insurers and intermediaries.

Key facts

  • Panels are headed by Whole-Time Members.
  • Targets: mis-selling in bancassurance tie-ups, plus claim delays and discrepancies.
  • Legal basis: Insurance Act, 1938 and IRDAI regulations.
  • Kiwi General Insurance Ltd cleared R1, step one of the R1-R2-R3 licensing route, and may now work towards a full licence.

About IRDAI

AspectDetail
Set up1999
BaseHyderabad, Telangana
ChairDebasish Panda
BoardChairperson, 5 Whole-Time and 4 Part-Time Members

Exam angle

  • 132nd meeting; HQ Hyderabad; Act: Insurance Act, 1938.

Test yourself

1. Under which Act will IRDAI's new panels investigate insurer and intermediary breaches?

The notes cite the Insurance Act, 1938 and related IRDAI regulations.

2. Where is IRDAI headquartered, as per these notes?

The About IRDAI section gives Hyderabad, Telangana.

3. What does R1 approval mean for Kiwi General Insurance?

R1 is the first stage in the R1, R2, R3 licensing process.