IRDAI Sets Up Special Panels To Enforce Insurance Law Violations

New Delhi, Jul 16 (KNN) 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.

The decision was announced following the Authority's meeting held on July 14 at its headquarters.

The formation of these panels represents a strengthening of IRDAI's enforcement capabilities, specifically targeting violations of the Insurance Act and related regulations.

This development comes at a time when the insurance sector faces increased scrutiny over mis-selling practices and concerns regarding claim settlement procedures.

The regulatory action follows reports indicating that government authorities are seeking to intensify measures against mis-selling in the insurance sector.

Several insurers have reportedly come under regulatory examination, with mounting complaints related to claim set