IRDAI to roll out Risk-Based Supervision from July

Chennai : The Insurance Regulatory and Development Authority of India (IRDAI) on Tuesday said it would roll out Risk-Based Supervision (RBS) on pilot basis next month.

The IRDAI has collaborated with Toronto Centre, a not-for-profit organisation working for promoting strong supervision to enhance financial stability, crisis preparedness, and consumer protection, said the sectoral regulator.

“RBS is a shift towards adopting global best practices for supervision which focuses on proportionality, materiality and relies on holistic analysis of the activities of regulated entity from risk perspective,” IRDAI said.