Description
IRDAI Compliance Internal Audit Services
By Nipto Coins LLP – Qualified & Independent Auditors
Full Service Description
The Insurance Regulatory and Development Authority of India (IRDAI) mandates strict regulatory, governance, and operational compliance requirements for insurers, reinsurers, insurance intermediaries, brokers, corporate agents, TPAs, and InsurTech platforms. Organizations must demonstrate effective internal controls, regulatory adherence, and risk management practices.
Nipto Coins LLP provides independent IRDAI Compliance Internal Audit services through the Make Audit Easy platform to help insurance-sector entities assess compliance with IRDAI regulations, guidelines, and circulars.
Our audit adopts a risk-based and regulation-driven approach, reviewing governance structures, operational processes, IT systems, data protection controls, and reporting mechanisms. We assess compliance across underwriting, policy administration, claims management, grievance handling, outsourcing, cybersecurity, and regulatory reporting.
The engagement results in clear compliance gap analysis and actionable recommendations, enabling organizations to remediate deficiencies, strengthen governance, and maintain ongoing IRDAI compliance.
| Basic | Standard | Enterprise | Advance | |
| Audit Mode | Virtual Only | Virtual + Onsite | Virtual + Onsite | Virtual + Onsite |
| Locations Covered | 3 | 5 | 7 | 10 |
| Total Cities covered | NA | 1 | 2 | 3 |
| Virtual Audit Coverage | 3 Locations | 3 Locations | 3 Locations | 5 Locations |
| Onsite Audit Coverage | NA | 2 Locations (Only one City) |
4 Locations (Any two Cities – PAN India Tier 1/2) |
5 Locations (3 Cities – PAN India Tier 1/2) |
| Add On | ||||
| Additional Virtual Location | 10% Per location |
7% Per Location |
7% Per Location |
5% Per Location |
| Additional Onsite Location (Same City) | NA | 15% Per Location |
15% Per Location |
10% Per Location |
| Additional Onsite (Another City, 1 location) | NA | NA | +20% per location | +15 % per location |
| Timeline | ||||
| Audit Timeline | 3–11 Days | 5–11 Days | 7–20 Days | 7–20 Days |
| Post-Audit Support | 5 Months | 5 Months | 7 Months | 11 Months |
Key Audit Coverage
-
IRDAI governance & regulatory compliance framework
-
Licensing, code of conduct & operational controls
-
Policy issuance, underwriting & claims processing
-
Customer grievance redressal mechanisms
-
Outsourcing & vendor compliance
-
IT, cybersecurity & data protection controls
-
Regulatory filings, returns & disclosures
-
Internal controls, risk management & audit readiness
Who This Service Is For
-
Life & General Insurance Companies
-
Reinsurers and Insurance Brokers
-
Corporate Agents, Web Aggregators & TPAs
-
InsurTech & digital insurance platforms
-
Organizations preparing for IRDAI inspections or audits
Why Nipto Coins LLP
-
Auditors with strong insurance & regulatory expertise
-
Independent and objective IRDAI compliance assessments
-
Practical, regulation-aligned audit recommendations
-
Alignment with ISO 27001, DPDP Act & RBI/SEBI best practices
-
Seamless engagement via Make Audit Easy
Outcome:
A comprehensive IRDAI compliance internal audit that identifies regulatory gaps, strengthens internal controls, and supports sustained regulatory compliance.
Reviews
There are no reviews yet.