IRDA has crafted rules that make the process of investing policy holder’s funds more safe and transparent so that the common man is protected. The recent amendments to IRDA regulations pertaining to the investment cycle necessitates systemic changes to occur within the insurance companies in India.
We anticipate that IRDA would not accept any non conformity with the requirements it had promulgated in the form of Guidelines on Investment Risk Management Systems and Process which covers both Investment Operations and Information Technology Systems supporting Investment Operations. Hence, Insurers need to have systems in place that allow them to deliver all the reports and data points on time to the IRDA to avoid regulatory interventions.
The task is monumental, given the tight time frame in which the Systems are required to be implemented. The process of identifying the needs of the systems within an organization, ensuring that it remains compliant with all IRDA regulations, and finally implementing it is an arduous task. Following the steps taken by the Regulator, we find no short-cuts to conformance.
The time to ensure conformance to IRDA is now.
We help in giving direction to the board and top management within an organization in being compliant with various aspects - industry regulations, financial regulations, country specific laws & regulations and related systems and standard for technology. Our team of experts helps organizations just like yourself
- Understand the need for compliance in
governance.
- Help in creating a compliance program.
- Assist in creating monitoring of performance
of your compliance program and ensuring
longevity and relevance in the program.
Haselfrë's experts assist corporates to:
Understand the implications of the
new regulations and provide a ´Road
map´ for compliance in the shortest
possible time (and leading to
increased performance in the medium
term if necessary).
- Estimate the financial impact of core
non financial compliance risk indicators
- Make them compliant to the new
- Documenting extant Systems and
Process of Investment Operations.
- Aligning extant Systems and Process
against New Investment Regulations.
- Identifying gaps and prioritize to
achieve compliance and governance.
- Crafting modifications to the
corporate governance structure so as
to realize the compliance as per
amended insurance regulations .
Facilitating for the CA certification once a quarter as required by legislation that the processes and systems are fully compliant (AMC model). This is to assure that the outcome of satisfying the needs of the regulator are fully met and does not preclude certification by CA appointed by the company.
Assist the organization to keep their compliance programs updated with changing regulations as well as introduce integrated governance mechanisms for decision making.
Make the systems ready to have the flexibility to seamlessly incorporate further regulations on the anvil with respect to actuarial, accounting and related returns
Introduce process re-design efforts to take cognizance of this paradigm shift of IRDA (that has moved towards ‘performance orientation’ and ‘dynamic nature’ of reporting apart from sound ‘conformance’) to obtain better ranking as well as quicker ‘approvals’ for a ‘range and number’ of new products. |