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In the context of India's regulatory frameworks, a new initiative to streamline the insurance claim settlement process was launched in December 2025. Which organization is primarily responsible for implementing such reforms?
RBI
SEBI
TRAI
IRDAI
IRDAI
IRDAI implemented significant regulatory reforms to streamline the Indian insurance sector, including claim settlements, following the Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025.
The Insurance Regulatory and Development Authority of India (IRDAI) introduced these reforms to modernize the sector, align it with international standards, and enhance consumer protection. The 'Sabka Bima Sabki Raksha' Act, which received presidential assent in December 2025, serves as the primary legal framework for these changes. By streamlining turnaround times (TATs) for policy issuance and claim settlements, IRDAI aims to improve the insurance penetration rate, which remains significantly lower than the global average. These initiatives are integral to the vision of 'Insurance for All by 2047'.
The IRDAI was established by the Insurance Regulatory and Development Authority Act, 1999, following the recommendations of the R.N. Malhotra Committee. It acts as the statutory body responsible for regulating and promoting the insurance and re-insurance industries in India under the Ministry of Finance.
The Sabka Bima Sabki Raksha (Amendment of Insurance Laws) Act, 2025 came into effect on 5 February 2026.
The Indian Insurance Companies (Foreign Investment) Amendment Rules, 2025 were notified on 30 December 2025.
Insurance penetration in India was approximately 3.7 percent of GDP prior to the 2025-26 reforms.
Bima Sugam is a digital platform scheduled to be fully integrated for customers by early 2026 to facilitate financial inclusion.
D is correct тАФ IRDAI is the statutory regulatory body responsible for insurance sector oversight and the implementation of recent reforms like the Sabka Bima Sabki Raksha Act, 2025.
Remember that IRDAI regulates insurance, similar to how SEBI regulates capital markets and RBI regulates banking. Think of it as part of the 'Financial Sector Regulators' trio.
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