The board of the Insurance Regulatory and Development Authority of India (IRDAI) has given approval to 8 principle-based regulations.

Banking & Finance

The board of the Insurance Regulatory and Development Authority of India (IRDAI) has given approval to 8 principle-based regulations. The key approvals include regulations for insurance products, which now include surrender value regulations that will comprise both guaranteed surrender value and special surrender value. The regulatory changes under rural, social sector, and motor third-party (TP) insurance have also been updated. For rural obligations, the unit of measurement will now be the gram panchayat. The insurance watchdog has also approved regulations concerning the registration, capital structure, transfer of shares, and amalgamation of insurers in addition to giving the green light for corporate governance regulations. The IRDAI board has also finalised regulations related to the registration and operations of foreign reinsurance branches.


      Another key approval the regulatory authority expedited is for the 'Bima Sugam' platform.

      Bima Sugam is an Amazon-like government-backed online marketplace for insurance, which allows policyholders to compare premiums and purchase a wide array of insurance products, including life, health, motor, and travel insurance.

      The regulator granted the certificate of registration to standalone health insurer Galaxy Health and Allied Insurance, which can now start operations.

 

     


Insurance Regulatory and Development Authority of India(IRDAI)

Chairperson- Debasish Panda
HQ- Hyderabad
          ____________________________