IRDAI

• 15 Apr 2024

On April 15th 2024, Insurance Regulatory and Development Authority of India (IRDAI) permitted general insurers to alter policy wordings, except in motor third party.

• IRDAI enables changes in policy wordings for various classes of business.
• Expectations for improved customer understanding and tailored products.
• Move aligns Indian insurance market with global standards.
• Reforms aim to enhance insurer financial soundness and product diversification.
• Insurance industry anticipates offering customised solutions post-consultation with reinsurers.
• Immediate impact may be minimal for existing policy renewals, but long-term benefits anticipated.