Description
IRDAI Compliance Internal Audit Services
By Cybervault – Qualified & Independent Auditors
Full Service Description
The Insurance Regulatory and Development Authority of India (IRDAI) mandates comprehensive regulatory, governance, and operational compliance requirements for insurers, reinsurers, insurance intermediaries, brokers, corporate agents, TPAs, web aggregators, and InsurTech platforms. Organizations must maintain strong internal controls, effective risk management, and continuous regulatory compliance.
Cybervault provides independent IRDAI Compliance Internal Audit services through the Make Audit Easy platform to help insurance-sector organizations assess compliance with applicable IRDAI regulations, circulars, and guidelines.
Our audit follows a risk-based and regulation-driven approach, reviewing governance structures, operational processes, IT systems, cybersecurity controls, data protection practices, and regulatory reporting mechanisms. We assess compliance across underwriting, policy servicing, claims management, grievance redressal, outsourcing arrangements, and information security.
The engagement results in clear compliance gap analysis and actionable recommendations, enabling organizations to strengthen regulatory 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 compliance
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Policy issuance, underwriting & claims processing
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Customer grievance redressal mechanisms
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Outsourcing, vendor & intermediary 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 readiness
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 & technology service providers
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Organizations preparing for IRDAI inspections or audits
Why Cybervault
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Insurance, cybersecurity & regulatory compliance expertise
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Independent and objective IRDAI compliance assessments
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Practical, implementation-focused audit recommendations
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Alignment with ISO 27001, DPDP Act & industry best practices
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Smooth onboarding via 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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