The Insurance Regulatory and Development Authority of India (IRDAI) on March 22, 2024, notified the Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024.
The following has been stated: -
•Some of the main objectives of these regulations are as follows: -
(1)To ensure fair treatment of prospects at the stage of solicitation and sale of insurance policies.
(2)To ensure that the interests of policyholders are protected and that the conduct of the insurer and distribution channel are not prejudicial to the interests of policyholders.
(3)To ensure that insurers and distribution channel fulfill their obligations towards policyholders and have in place standard procedures including best practices for the sale and service of policyholders.
(4)To ensure policyholder-centric governance by insurers and distribution channels, with emphasis on grievance redressal.
•The regulations are divided into the following two parts:
Part A covers provisions relating to the protection of the interests of the policyholders.
Part B covers provisions relating to operations and allied matters of the insurers.
•These regulations shall be applicable to all insurers and distribution channels except for those engaged exclusively in the reinsurance business unless otherwise specified.
•These regulations shall come into force from the date of the publication in the Official Gazette or April 01, 2024, whichever is later.
•These regulations shall be reviewed once in every 3 (three) years from the date of notification unless a review repeal or amendment is warranted earlier.
The detailed regulations are given in the document attached below.
[Notification No. F. No. IRDAI/Reg/11/205/2024]
