2 min readMumbaiMar 24, 2024 05:00 AM IST
The Insurance Regulatory and Development Authority of India (IRDAI) has approved eight principle-based regulations including the much-awaited Bima Sugam marketplace.
In its board meeting, IRDAI cleared the regulatory changes under rural, social sector and motor Third-Party (TP) motor insurance. For rural obligations, the unit of measurement will now be the gram panchayat. The scope of the social sector has been extended to cover cardholders and beneficiaries under various schemes.
Under Motor TP, the unit of measurement will be the renewal of coverage for goods and passenger-carrying vehicles, as well as tractors.
The IRDAI (Bima Sugam – Insurance Electronic Marketplace) Regulations, 2024, aims to establish a digital public infrastructure named Bima Sugam towards universalization and democratization of insurance as well as empowering and safeguarding policyholders’ interests and achieve the vision of “Insurance for all by 2047”, IRDAI said.
The IRDAI (Corporate Governance for Insurers) Regulations, 2024 aim to establish a robust governance framework for insurers, defining the roles and responsibilities of the board and management. This is for the first time that the governance aspects under the existing guidelines are notified in the form of regulations, which highlights the importance of governance in the functioning of an insurance company, IRDAI said.
It said the IRDAI (Insurance Products) Regulations, 2024 merge six regulations into a unified framework aimed at enabling insurers to swiftly respond to evolving market demands, enhancing the ease of conducting business and boosting insurance penetration.
The IRDAI (Registration and Operations of Foreign Reinsurers Branches & Lloyd’s India) Regulations, 2024 consolidate two regulations and aims to foster the systematic development of the reinsurance sector in India by promoting orderly growth and harmonizing the existing legal and regulatory framework.
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