The Insurance Regulatory and Development Authority of India (IRDAI) has taken up a comprehensive review of regulatory framework for the insurance sector, to facilitate a favourable environment for ease of doing business and reducing compliance burden.
Various regulatory returns numbering 60 required to be filed under these regulations/operational guidelines are now collated in one place and are issued as a Master Circular on Submission of Returns. 37 regulations consolidated into 7 regulations and additional 2 new regulations were notified, effective from 1st April 2024.
