The Insurance Regulatory and Development Authority of India, (IRDAI), on May 15, 2024, notified the Master Circular on Expenses of Management, including Commission, of Insurers, 2024.
The Master Circular issued by the Insurance Regulatory and Development Authority of India (IRDAI) supplements the Insurance Regulatory and Development Authority of India (Expenses of Management, including Commission, of Insurers) Regulations, 2024, which were notified on January 23, 2024.
This Master Circular serves as additional guidance and clarification on the regulations mentioned above.
The purpose of the Master Circular is to provide comprehensive guidance to insurers, intermediaries, and other stakeholders regarding the interpretation and implementation of the regulations related to expenses of management, including commission, in the insurance sector in India. It aims to ensure transparency, efficiency, and compliance with regulatory requirements in the management of expenses and payment of commissions by insurers.
This Master Circular is applicable to life, general and health insurers. This Master Circular shall come into force from the date of issuance.
[Notification No. IRDAI/F&I/CIR/79/5/2024]
