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.
Bu hikaye THE INSURANCE TIMES dergisinin November 2024 sayısından alınmıştır.
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Bu hikaye THE INSURANCE TIMES dergisinin November 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
International News
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Life Insurance News
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Insurance Regulator Update
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"Bancassurance is at the heart of our growth strategy. It allows Bandhan Life to reach more customers and provide accessible, trusted insurance solutions through a familiar network."
About Indranil Dutta - Indranil Dutta brings 23 years of experience in insurance, banking, and sales, with a specialization in bancassurance. As the Chief Business Officer - Bancassurance at Bandhan Life Insurance, he leads the banca sales channel and plays a key role in driving the company's strategic vision of becoming a leading multi-channel life insurer with an expanded presence across product categories.
IRDAI Corner
The Eighth Bima Manthan, the quarterly meeting of IRDAI with the insurance industry was held on 11th and 12th November 2024, in Hyderabad
International Conference on Inclusive Insurance (ICII) 2024
The 20th edition of the International Conference on Inclusive Insurance (ICII) concluded on a high note in Kathmandu, Nepal, after five days of insightful discussions, interactive workshops, and collaborative networking. Hosted by the Nepal Insurers' Association in partnership with the Life Insurance Association Nepal, Nepal Micro Insurance Association, Nepal Insurance Authority, Munich Re Foundation, and the Microinsurance Network, the conference brought together around 500 participants from around the globe. The Insurance Times was the media partner in the event.
How to choose a Health Insurance Plan that fits your evolving needs
When you are single, you might focus on plans with basic coverage and low premiums. As you get married, look for family floater plans that cover your spouse. When you have children, ensure the plan covers pediatric care, vaccinations, and other child-specific healthcare needs.
My View on #20SIRC Conference
The participants include world top reinsurers, brokers, insurers, IT companies, Consultants, and Regulators. As a regulator from Nepal attending the (#20SIRC) was a unique thrilling experience that provided opportunities for learning, networking, and strategic development. Here's a detailed perspective that I had experienced during my visit to Singapore.
