1. Vide Circular Ref. No. IRDA/SDD/MISC/CIR/009/01/2013 dated 21st January 2013, IRDAI issued the extant Insurance Fraud Monitoring Framework to provide regulatory supervision and guidance on the adequacy of measures taken by insurers to address and manage risks emanating from fraud.
2. In view of the substantial change in the nature and intensity of fraud over the years since, the Framework has been reviewed and a comprehensive insurance fraud monitoring framework guidelines for the insurance sector is drafted.
3. Drawing insights from practices followed by other financial sector regulators and international best practices in this domain, the draft provides an enhanced framework that includes advanced measures for fraud detection, efficient fraud handling, robust fraud prevention, and other relevant aspects.
The draft guidelines on the revised insurance fraud monitoring framework are placed for comments/suggestions of the stakeholders and public.
Comments/suggestions on the proposed guidelines may be submitted to sdd@irdai.gov.in in the given format on or before 13th November, 2024.
Format for suggestions is attached herewith. IRDAI Launches Insurance Fraud Monitoring Framework Guidelines, 2024 The Insurance Regulatory and Development Authority of India (IRDAI) has introduced a groundbreaking set of guidelines-the Insurance Fraud Monitoring Frame-work Guidelines, 2024. In a landscape increasingly shaped by digital transactions, these guidelines are aimed at strengthening the insurance sector's defenses against fraud, building resilience, and maintaining public trust. This framework is not only a response to the growing complexity of insurance fraud but also a proactive step to empower insurers to protect policyholders and preserve financial integrity.
This story is from the November 2024 edition of THE INSURANCE TIMES.
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This story is from the November 2024 edition of THE INSURANCE TIMES.
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