As per your concern I will let you know Insurance Regulatory and Development Authority of India (IRDAI), Risk Management Committee guidelines for all insurers with other guidelines so that you can get idea easily.

Here are some risk management guidelines
Establish effective Risk Management framework and recommend to the Board the Risk Management policy and processes for the organization.

Set the risk tolerance limits and assess the cost and benefits associated with risk exposure.

Review the Company’s risk- -reward performance to align with overall policy objectives.

Discuss and consider best practices in risk management in the market and advise the respective functions;

Assist the Board in effective operation of the risk management system by performing specialized analyses and quality reviews;

Maintain an aggregated view on the risk profile of the Company for all categories of risk including insurance risk, market risk, credit risk, liquidity risk, operational risk, compliance risk, legal risk, reputation risk, etc.

Advise the Board with regard to risk management decisions in relation to strategic and operational matters such as corporate strategy, mergers and acquisitions and related matters.

Report to the Board, details on the risk exposures and the actions taken to manage the exposures; review, monitor and challenge where necessary, risks undertaken by the Company

Review the solvency position of the Company on a regular basis.

Monitor and review regular updates on business continuity.

Formulation of a Fraud monitoring policy and framework for approval by the Board.

Monitor implementation of Anti-fraud policy for effective deterrence, prevention, detection and mitigation of frauds.

Review compliance with the guidelines on Insurance Fraud Monitoring Framework dt. 21st January, 2013, issued by the Authority.

For full information please check the file



Address:-
Insurance Regulatory and Development Authority of India (IRDAI)
3rd Floor, Parisrama Bhavan, Basheer Bagh HYDERABAD 500 004
Telangana State (INDIA )

Phone:-
(040) 23381100

Attached Files

Guidelines for Insurers in India.pdf (366.7 KB, 83 views)