Jammu, March 24 -- In a move to increase insurance accessibility and strengthen governance standards, the Insurance Regulatory and Development Authority of India (IRDAI) has approved eight new principle-based regulations. The regulations were cleared at IRDAI's board meeting and focus on simplifying rules for rural, social sector and motor third party insurance while also establishing a robust governance framework for insurers.

Some of the major reforms introduced include the much-awaited Bima Sugam digital marketplace, merging six insurance product regulations into a unified framework, and notifying corporate governance guidelines for insurers for the first time in the form of regulations.

The Bima Sugam marketplace aims to leverage te...