IFSCA has issued IFSCA (Management Control, Administrative Control and Market Conduct of insurance business) Regulations, 2023. The draft IFSCA (Management Control, Administrative Control and Market Conduct of insurance business) Regulations, Regulations, 2023 inter-alia provides regulatory framework for –
(1) Capital related issues and Management control
(2) Minimum Limits for Annuities and other Benefits
(3) Acquisition of Surrender and Paid up values
(4) Expenses of Management of IIOs
(5) Payment of Commission or Remuneration or Reward to Insurance
Intermediaries
(6) Protection of Policyholders’ Interests
(7) Insurance Advertisements and Disclosure
Comments/suggestions from the general public and stakeholders on the draft regulations shall be submitted on or before 13th March, 2023.
