IRDAI on 20th March, 2024 has issued the Insurance Regulatory and Development Authority of India (Insurance Products) Regulations, 2024. These regulations shall come into force from the date of its publication in the Official Gazette or 1stvApril, 2024, whichever is later.
These regulations shall be applicable to insurers who have been granted certificate of registration to transact the business of life insurance or general insurance or health insurance in India, as applicable. These regulations shall be reviewed once in every three years from the date of its publication, unless the review or repeal or amendment is warranted earlier.
The key objectives of these regulations are as under:
- To facilitate insurers to respond faster to the emerging market needs and also to design innovative products, to promote ease of doing business and to improve insurance penetration.
- To protect the policyholders’ interests by enabling insurers to adopt good governance while designing and pricing the products.
- To ensure sound and responsive management practices for effective oversight and adequate due diligence with regard to insurance products, including innovative products considering the interests of policyholders.
