The Regulation Review Committee has recommended Insurance Regulatory and Development Authority of India (Insurance Products) Regulations, 2023 after repealing the following regulations:
- IRDAI (Micro Insurance) Regulations, 2015;
- IRDAI (Minimum Limits for Annuities and other benefits) Regulations, 2015;
- IRDAI (Acquisition of Surrender and Paid up values) Regulations, 2015;
- IRDAI (Health Insurance) Regulations, 2016;
- IRDAI (Unit Linked Insurance Products) Regulations, 2019;
- IRDAI (Non-Linked Insurance Products) Regulations, 2019
After considering the recommendations of the RRC and also keeping the interest of the policyholders, the draft on Insurance Regulatory and Development Authority of India (Insurance Products) Regulations, 2023 is published.
The main objective of the proposed draft regulations is to facilitate insurers to respond faster to the emerging market needs, to promote ease of doing business, to improve insurance penetration, to protect the policyholders interest by enabling insurers to adopt good governance while designing and pricing the products. It will also enable insurers to ensure sound and responsive management practices for effective oversight and adequate due diligence with regard to insurance products, including innovative products considering the interests of policyholders
All the stakeholders are requested to forward their comments / suggestions, if any, on the proposed regulations (Annexure-A) in the attached format (Annexure- B) on or before 5:00 PM on 03 January, 2023 to actuarial-policy@irdai.gov.in with a copy to urmi.jain@irdai.gov.in and narendra@irdai.gov.in.
