The Insurance Regulatory and Development Authority of India (IRDAI) on Friday (March 20) approved eight principle-based regulations in its board meeting. One of the key approvals is the Insurance Product Regulations, which now includes Surrender Value Regulations. The surrender value will comprise both Guaranteed Surrender Value and Special Surrender Value.
Additionally, the board has approved the 'Bima Sugam' platform. Bima Sugam is an Amazon-like government-backed marketplace for insurance, allowing policyholders to compare premiums and purchase a wide array of insurance products, including life, health, motor, and travel insurance. The platform is set to list insurance products from all life, health, and general insurance categories, providing a comprehensive one-stop shop for insurance needs.
The regulatory changes under rural, social sector, and motor Third-Party (TP) insurance have been updated as well. 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.
Furthermore, the board has approved regulations concerning the registration, capital structure, transfer of shares, and amalgamation of insurers. Corporate Governance Regulations have also been given the green light.
The board has also finalised regulations related to the registration and operations of foreign reinsurance branches. Additionally, regulations covering the actuarial, finance, and investment functions of insurers have been approved. Lastly, the board has focused on strengthening the protection of policyholders by approving specific regulations to safeguard their interests.
First Published: Mar 21, 2024 4:49 PM IST
