The Insurance Regulatory and Development Authority of India (IRDAI) on May 10, 2024, issued the Master Circular on Rural, Social Sector, and Motor Third Party Obligations.
The following has been stated namely: -
• The master circular is applicable to all life, general, and stand-alone health insurers
• The Methodology of arriving at the obligations with respect to the Rural Sector has been stated in the Master Circular
• The Methodology for arriving at the obligations with respect to the Social Sector has been stated in the Master Circular
• The Methodology for arriving at the obligations with respect to Motor Third Party has been stated in the Master Circular
[Notification No. IRDAI/NL/CIR/RSS/77/5/2024]
