IRDAI Press Release on Bima Vitarak Manthan
It was highlighted that the readiness of distribution channels to embrace technology could bring about explosion in the distribution space which can result in reduction of distribution costs benefiting the policyholders. Detailed discussions were held on leveraging proposed insurance e-marketplace – Bima Sugam in taking the insurance to the last mile.
Insurance Regulatory and Development Authority of India (Rural, Social Sector and Motor Third Party Obligations) Regulations, 2024
The objective of the regulation is to specify minimum rural and social sector business that the insurers are required to underwrite under section 32B and 32C of the Insurance Act, 1938 and minimum third party motor insurance business that the insurer carrying on general insurance business is required to underwrite under section 32D of the Insurance Act, 1938.
Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024
These regulations are applicable to all insurers including those engaged exclusively in reinsurance business, unless otherwise specified. These regulations shall be reviewed once in every three years from the date of its publication, unless the review or repeal or amendment is warranted earlier.
Insurance Regulatory and Development Authority of India (Bima Sugam – Insurance Electronic Marketplace) Regulations, 2024
These Regulations specify the regulatory framework for establishment, governance and functioning of the Bima Sugam – Insurance Electronic Marketplace, the Company formed for this purpose and for matters connected therewith and incidental thereto.
Insurance Regulatory and Development Authority of India (Corporate Governance for Insurers) Regulations, 2024
These Regulations shall be applicable to all insurers except foreign company engaged in re-insurance business through a branch established in India.
Insurance Regulatory and Development Authority of India (Insurance Products) Regulations, 2024
These regulations shall be applicable to insurers who have been granted certificate of registration to transact the business of life insurance or general insurance or health insurance in India, as applicable. These regulations shall be reviewed once in every three years from the date of its publication, unless the review or repeal or amendment is warranted earlier.
Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024
These regulations shall be applicable to all insurers and distribution channels except for those engaged exclusively in reinsurance business, unless otherwise specified.
Insurance Regulatory and Development Authority of India (Registration and Operations of Foreign Reinsurers Branches and Lloyd’s India) Regulations, 2024
The regulations intend to promote orderly growth of the reinsurance market in India, to strengthen and harmonize the current legal and regulatory framework in relation to the various aspects governing entities engaged or intending to engage in reinsurance operations in India.
Insurance Regulatory and Development Authority of India (Registration, Capital Structure, Transfer of Shares and Amalgamation of Insurers) Regulations, 2024
To promote growth of insurance sector by simplifying the process of registration of insurer, transfer of shareholding, other forms of capital, amalgamation of insurers, listing of shares of insurers on stock exchange and to promote ease of doing business.
Insurers to keep their branches open as per normal working hours on March, 30, 2024 and March, 31, 2024
IRDAI vide Press Release dated 28.03.2024 has advised insurers to keep their branches open as per normal working hours on March, 30, 2024 and March, 31, 2024 in order to avoid any hardship to the policyholders.
