Description
IRDAI Compliance Internal Audit Services
By Sherlocked Security – 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, web aggregators, and InsurTech platforms. Organizations must maintain robust internal controls, effective risk management, and continuous regulatory adherence.
Sherlocked Security provides independent IRDAI Compliance Internal Audit services through the Make Audit Easy platform to help insurance-sector organizations assess compliance with IRDAI regulations, circulars, and guidelines.
Our audit approach is risk-based and regulation-driven, reviewing governance structures, operational workflows, IT systems, cybersecurity controls, data protection practices, and regulatory reporting processes. We assess compliance across underwriting, policy servicing, claims management, grievance redressal, outsourcing arrangements, and information security.
The audit delivers clear gap analysis and prioritized remediation recommendations, enabling organizations to strengthen compliance controls, reduce supervisory risks, and maintain sustained 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
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IRDAI governance & regulatory compliance framework
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Licensing, code of conduct & operational adherence
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Policy issuance, underwriting & claims processing
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Customer grievance redressal mechanisms
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Outsourcing & third-party compliance
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IT systems, cybersecurity & data protection controls
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Regulatory filings, returns & disclosures
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Internal controls, risk management & audit preparedness
Who This Service Is For
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Life & General Insurance Companies
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Reinsurers, Insurance Brokers & Corporate Agents
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Web Aggregators, TPAs & InsurTech platforms
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Digital insurance and technology service providers
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Organizations preparing for IRDAI inspections or audits
Why Sherlocked Security
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Strong expertise in insurance compliance & cybersecurity
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Independent and objective IRDAI compliance assessments
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Practical, implementation-ready audit recommendations
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Alignment with ISO 27001, DPDP Act & industry best practices
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Seamless engagement through Make Audit Easy
Outcome:
A comprehensive IRDAI compliance internal audit that identifies regulatory gaps, strengthens internal controls, and supports ongoing IRDAI compliance.
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