IRDAI introduces major reforms focused on increasing insurance accessibility and strengthening governance
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...
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