The Insurance Regulatory and Development Authority of India (IRDAI) on June 19, 2024, issued the Master Circular on Operations and Allied Matters of Insurers.
The following has been stated: -
•This master circular is issued under section 34 of the Insurance Act, 1938, section 14 of the IRDA Act, 1999, and Regulation 56 of the Insurance Regulatory and Development Authority of India (Protection of Policyholders' Interests, Operations and allied Matters of Insurers) Regulations, 2024 on Operations and Allied Matters of the Insurers.
•Chapter I of the circular is about Advertisement compliance and control.
•Chapter II specifies the opening of places of business for Insurers.
•Chapter III specifies the outsourcing of activities of Insurers.
•This Master Circular shall be reviewed every year unless review or repeal is warranted earlier.
•The Returns referred to under this circular shall be submitted as per the provisions herein and the Master Circular on submission of returns.
• To remove any doubts or difficulties that may arise in the application or interpretation of any of the provisions of this Master Circular, the Competent Authority may issue appropriate clarifications as and when deemed necessary.
The detailed circular is given in the document below.
[Circular No. Ref: IRDAI/PPGR/CIR/MISC/97/06/2024]
