The Insurance Regulatory and Development Authority of India (IRDAI) on March 27, 2023, notified the Insurance Regulatory and Development Authority of India (Expenses of Management of Insurers transacting General or Health Insurance business) Regulations, 2023.
The objective of this regulation is to enable and provide flexibility to the Insurers to manage their expenses within the overall limits based on their gross written premium to optimally utilize their resources for enhancing benefits to policyholders.
These Regulations shall come into force from April 01, 2023, and shall remain in force for a period of three years thereafter. The Regulations shall be applicable to Insurers transacting General Insurance or Health Insurance business.
