IRDAI on 20th March, 2024 has issued the Insurance Regulatory and Development Authority of India (Rural, Social Sector and Motor Third Party Obligations) Regulations, 2024. These Regulations shall come into force from 1st April, 2024. These Regulations shall be reviewed once in every three years from the date of notification, unless review or repeal or amendment is warranted earlier.
The objective of the regulation is to specify minimum rural and social sector business that the insurers are required to underwrite under section 32B and 32C of the Insurance Act, 1938 and minimum third party motor insurance business that the insurer carrying on general insurance business is required to underwrite under section 32D of the Insurance Act, 1938.
