Insurance Regulatory and Development Authority of India vide Press Release dated 24 January, 2024 has announced that efforts are underway to comprehensively review and consolidate regulations, ensuring a more coherent and efficient regulatory framework for the insurance sector. As a result, the first consolidated regulation, IRDAI (Expenses of Management, including Commission, of Insurers) Regulations, 2024 has been notified on 23rd January 2024 to enable and provide flexibility to the insurers to manage their expenses, including commissions, within the overall limits as specified by the Authority to optimally utilize their resources for enhancing benefits to policyholders and to improve insurance penetration.
This consolidation is a testament to the commitment of simplifying the regulatory landscape and reducing the burden of compliance on insurance companies. The move not only enhances transparency and accountability but also provides insurers with the flexibility needed to navigate a dynamic business landscape effectively.
