In 2013, IRDAI had issued the 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.
However, in view of the substantial changes in the nature and intensity of fraud over the years and drawing insights from practices followed by other financial sector regulators and international best practices in this domain, IRDAI has issued an exposure draft of revised fraud management framework. This exposure draft has proposed an enhanced framework that includes advanced measures for fraud detection, efficient fraud handling, robust fraud prevention, and other relevant aspects.
The comment period on the Exposure Draft closed on 13 November 2024.
To access the text of the Exposure Draft, please click here