IRDAI

• 25 Mar 2024

Insurance Regulatory and Development Authority of India (IRDAI) recently approved 8 principle-based regulations, including Bima Sugam marketplace.

• Rural obligations now measured by gram panchayat; social sector scope expanded.
• Motor TP regulations focus on renewal of coverage for vehicles and tractors.
• Bima Sugam aims to digitize insurance, empower policyholders, and achieve "Insurance for all by 2047".
• New Corporate Governance regulations define roles for insurers' boards and management.
• Unified Insurance Products framework to boost market response and penetration.
• Consolidated regulations for Foreign Reinsurers Branches & Lloyd’s India to promote reinsurance sector growth.