IRDAI on 20th March, 2024 has issued the Insurance Regulatory and Development Authority of India (Corporate Governance for Insurers) Regulations, 2024. These Regulations shall be reviewed once in every three years from the date of notification, unless the review or repeal or amendment is warranted earlier.
These Regulations shall be applicable to all insurers except foreign company engaged in re-insurance business through a branch established in India.
Objectives
- To provide the framework for insurers to adopt sound and prudent principles and practices of their governance structure; and
- To provide a framework of roles and responsibilities of the Board and the management of insurers, to protect the interests of all stakeholders including policyholders; and to establish the framework for stewardship principles to be adopted by insurers.
