The Insurance Development and Regulatory Authority (IDRA) oversees the insurance industry to ensure financial stability, consumer protection, and ethical operations. Key responsibilities include licensing insurers, approving products, supervising market conduct, and enforcing penalties for non-compliance.
To navigate compliance:
- Stay updated on IDRA’s regulatory framework.
- Conduct regular internal audits.
- Train staff on regulatory standards.
- Implement strong risk management.
- Ensure timely reporting and documentation.
- Seek legal guidance when necessary.
- Use compliance software to streamline processes.
Following these steps helps insurers meet IDRA’s requirements and operate smoothly.
