In a groundbreaking move, the Insurance Regulatory and Development Authority of India (IRDAI) has unveiled a comprehensive Master Circular, signaling a new era in the general insurance landscape. With the abolition of tariffs and the introduction of simplified policy wordings, the focus has shifted towards enhancing customer experience and operational efficiency for insurers. This notification was published on June 11, 2024.
Key highlights of the Master Circular include:
- Enhanced customer-centric measures such as wider product choices, customization options, and clear policy details through Customer Information Sheets (CIS).
- Streamlined claims settlement processes with strict timelines and no contribution clauses for multiple policies.
- Introduction of innovative options like “pay as you drive” in motor insurance and flexible add-on covers for homeowners’ policies.
- Governance measures ensure fairness, affordability, and technological advancements for seamless operations.
This regulatory overhaul aims to empower policyholders, promote transparency, and foster a more inclusive and efficient insurance sector in India. For more details, refer to the full text of the Master Circular on the IRDAI website.
