The Insurance Regulatory and Development Authority of India (IRDAI) on January 23, 2024, notified the Insurance Regulatory and Development Authority of India (Expenses of Management, including Commission, of Insurers) Regulations, 2024.
The following has been stated: -
•Rule 2 lays down various definitions of the terms like “Insurtech expenses” “Insurance awareness” and others.
•Rule 3 mentions the Board Approved Policy for Expenses of Management.
•Rule 4 is about the Board Approved Policy for Payment of Commission.
•Rule 5 is about the Business Plan.
The Regulations shall be applicable to Insurers transacting Life Insurance Business, General Insurance Business or Health Insurance Business in India.
These Regulations shall come into force from April 01, 2024.
The detailed notification is given in the document attached below.
[Notification No. F. No. IRDAI/Reg/2/196/2024]
