The Insurance Regulatory and Development Authority of India (IRDAI) on April 24, 2023, issued a notification regarding the IRDAI Information and Cyber Security Guidelines, 2023
This has a reference to Circular No. IRDA/IT/GDL/MISC/082/04/2017 dated April 07, 2017, related to the guidelines on Information and Cyber Security for Insurers, which were later extended to all Insurance Intermediaries vide Circular No. IRDA/GA&HR/GLD/MISC/184/09/2022 dated September 02, 2022
The following has been stated namely: -
• It states the revised Guidelines have been issued in order to enable the insurance industry to strengthen its defenses as well as a related governance mechanism to deal with such emerging cyber threats.
• The IRDAI Information and Cyber Security Guidelines, 2023 are attached as Annexure
• All the Insurers including FRBs, Insurance Intermediaries covering Brokers, Corporate Agents, Web Aggregators, TPAs, IMFs, Insurance Repositories, ISNP, Corporate Surveyors, MISPs, CSCs, and the Insurance Information Bureau of India (IIB) shall adhere to the said Guidelines.
• It states that all entities who have already completed security audits for FY 2022-23 shall ensure compliance with these guidelines from the next financial year.
• The IRDAI Circular No. IRDA/IT/GDL/MISC/082/04/2017 dated April 07, 2017, Circular No. IRDA/IT/CIR/MISC/301/12/2020 dated December 29, 2020, Circular No. IRDA/GA&HR/GLD/MISC/184/09/2022 dated September 02, 2022, and Circular No. IRDA/GA&HR/GDL/MISC/211/10/2022 dated October 10, 2022, are superseded by these guidelines.
[Notification No. IRDAI/GA&HR/GDL/MISC/88/04/2023]
