{"id":318474,"date":"2024-03-27T10:30:52","date_gmt":"2024-03-27T05:00:52","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=318474"},"modified":"2024-03-30T16:03:41","modified_gmt":"2024-03-30T10:33:41","slug":"irdai-notifies-irdai-insurance-products-regulations-2024-legal-news","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2024\/03\/27\/irdai-notifies-irdai-insurance-products-regulations-2024-legal-news\/","title":{"rendered":"IRDAI (Insurance Products) Regulations, 2024"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\">On 22-3-2024, the <span style=\"font-weight: bold;\">Insurance Regulatory &amp; Development Authority of India<\/span> (\u2018IRDAI\u2019) notified the <span style=\"font-weight: bold;\">Insurance Regulatory and Development Authority of India (Insurance Products) Regulations, 2024<\/span>. The provisions will come into force on 1-4-2024.<\/p>\n<p style=\"font-weight: bold;\">Key Points:<\/p>\n<ol style=\"list-style-type: decimal;\">\n<li><span style=\"font-weight: bold;\">Applicability:<\/span> insurers who have certificate of registration for business of life insurance\/ general insurance\/ health insurance in India.<\/li>\n<li>The regulations will be reviewed once in 3 years from the date of its publication.<\/li>\n<li>\n<p style=\"font-weight: bold;\">Objectives:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>To facilitate insurers to respond faster to emerging market needs\/ design innovative products\/ to promote ease of doing business and to improve insurance penetration.<\/li>\n<li>To protect the interest of policyholders by enabling insurers to adopt good governance while designing and pricing the products.<\/li>\n<li>To ensure sound and responsive management practices for effective oversight and adequate due diligence.<\/li>\n<\/ul>\n<\/li>\n<li>\n<p style=\"font-weight: bold;\">Principles to be followed by the insurer in Product design &amp; development cycle of insurance products:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>evolving risk coverage needs of customer are taken into account while developing new products and revising existing products;<\/li>\n<li>product covers an insurable risk with an underlying risk transfer;<\/li>\n<li>products offered are simple to understand and not complex;<\/li>\n<li>transparency and clarity in wordings, terms, coverage, exclusions and conditions;<\/li>\n<li>policyholder\u2019s interests are protected;<\/li>\n<li>basic principles of insurance are adhered to;<\/li>\n<li>all risks relevant to the products are appropriately considered in the pricing;<\/li>\n<li>premium rates are fair and not excessive, inadequate, unfairly discriminatory and provide value for money;<\/li>\n<li>products are viable and self-sustainable;<\/li>\n<li>market conduct practices are appropriate and fair;<\/li>\n<\/ul>\n<\/li>\n<li>\n<p style=\"font-weight: bold;\">Product management and governance:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>Every insurer should have <span style=\"font-weight: bold;\">Board approved policies<\/span> covering all areas of product design, underwriting, advertisements and overall management of the insurance products.<\/li>\n<li>Board will constitute a <span style=\"font-weight: bold;\">Product Management Committee<\/span> (\u2018PMC\u2019) which will be responsible for implementation of Board approved policies and ensure:\n<ul style=\"list-style-type: circle;\">\n<li>adherence to principles of design and pricing of insurance products;<\/li>\n<li>appropriateness of the product design for the target market;<\/li>\n<li>regulatory compliance and recommending products for filing under File and use procedure;<\/li>\n<li>products falling under Use and file category are approved;<\/li>\n<li>modification or withdrawal of the product, if required;<\/li>\n<li>overall management of the insurance products.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n<li><span style=\"font-weight: bold;\">Review of insurance products:<\/span> Products offered for sale will be reviewed by Appointed Actuary once a year, taking into account:\n<ul style=\"list-style-type: disc;\">\n<li>reasonable expectation of all stakeholders (including policyholders);<\/li>\n<li>financial viability of the products;<\/li>\n<li>emerging risks and experience under the products.<\/li>\n<\/ul>\n<\/li>\n<li>\n<p style=\"font-weight: bold;\">The following Regulations will stand repealed from 1-4-2024:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>IRDAI (Micro Insurance) Regulations, 2015<\/li>\n<li>IRDAI (Minimum Limits for Annuities and other benefits) Regulations, 2015;<\/li>\n<li>IRDAI (Acquisition of Surrender and Paid up values) Regulations, 2015;<\/li>\n<li>IRDAI (Health Insurance) Regulations, 2016;<\/li>\n<li>IRDAI (Unit Linked Insurance Products) Regulations, 2019;<\/li>\n<li>IRDAI (Non-Linked Insurance Products) Regulations, 2019.<\/li>\n<\/ul>\n<\/li>\n<li><span style=\"font-weight: bold;\">Schedule I<\/span> relates to Specific provisions applicable to life insurance products.<\/li>\n<li><span style=\"font-weight: bold;\">Schedule II<\/span> relates to Specific provisions applicable to general insurance products.<\/li>\n<li><span style=\"font-weight: bold;\">Schedule III<\/span> relates to Specific provisions applicable to health insurance products.<\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p style=\"font-style: italic;\">These regulations protect the interest of policyholders by enabling insurers to adopt good governance while designing and pricing the products.<\/p>\n","protected":false},"author":67515,"featured_media":318484,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[66815,66814,66813,42075,66816],"class_list":["post-318474","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations","tag-board-approved-policies","tag-insurance-products","tag-insurance-regulatory-and-development-authority-of-india","tag-irdai","tag-product-management-committee"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IRDAI (Insurance Products) Regulations, 2024 | SCC Times<\/title>\n<meta name=\"description\" content=\"IRDAI notified IRDAI (Insurance Products) Regulations, 2024 to facilitate insurers to respond 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(Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024","author":"Kriti","date":"April 1, 2024","format":false,"excerpt":"The regulations apply to insurers including those engaged in reinsurance business.","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Insurance Regulatory and Development Authority of India","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Insurance-Regulatory-and-Development-Authority-of-India.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Insurance-Regulatory-and-Development-Authority-of-India.webp?resize=350%2C200&ssl=1 1x, 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1999.","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Insurance Regulatory and Development Authority of India","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Insurance-Regulatory-and-Development-Authority-of-India.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Insurance-Regulatory-and-Development-Authority-of-India.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Insurance-Regulatory-and-Development-Authority-of-India.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Insurance-Regulatory-and-Development-Authority-of-India.webp?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Insurance-Regulatory-and-Development-Authority-of-India.webp?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":121911,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/04\/09\/irdai-issues-guidelines-on-insurance-e-commerce\/","url_meta":{"origin":318474,"position":2},"title":"IRDAI issues Guidelines on Insurance e-commerce","author":"Saba","date":"April 9, 2017","format":false,"excerpt":"Insurance Regulatory and Development Authority of India (IRDAI) has issued guidelines on insurance e-commerce dated 9th March, 2017. IRDAI has informed that the guidelines issued by the Authority enable insurers and insurance intermediaries to set-up Insurance Self-Network Platforms (ISNP) to sell and service insurance policies. The said guidelines lay down\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":324757,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/06\/20\/cyril-amarchand-mangaldas-advises-zurich-insurance-company-ltd-on-acquisition-of-70-stake-in-kotak-mahindra-general-insurance\/","url_meta":{"origin":318474,"position":3},"title":"Cyril Amarchand Mangaldas advises Zurich Insurance Company Ltd. on acquisition of 70% stake in Kotak Mahindra General Insurance","author":"Bhumika Indulia","date":"June 20, 2024","format":false,"excerpt":"Cyril Amarchand Mangaldas acted as a legal counsel to Zurich Insurance Company Ltd on its acquisition of a 70% stake in Kotak Mahindra General Insurance Company Limited (KGI), comprising of subscription of equity shares issued by KGI and acquisition of equity shares from Kotak Mahindra Bank Limited (KMBL). The transaction\u2026","rel":"","context":"In &quot;Law Firms News&quot;","block_context":{"text":"Law Firms News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/law-firms-news\/"},"img":{"alt_text":"Cyril Amarchand Mangaldas","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/06\/cyril-9.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/06\/cyril-9.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/06\/cyril-9.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/06\/cyril-9.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":180704,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/01\/12\/exposure-draft-insurance-regulatory-development-authority-india-minimum-information-inspection-investigation-regulations-2018\/","url_meta":{"origin":318474,"position":4},"title":"Exposure Draft on Insurance Regulatory and Development Authority of India (Minimum Information for Inspection or Investigation) Regulations 2018","author":"Saba","date":"January 12, 2018","format":false,"excerpt":"Exposure Draft on Insurance Regulatory and Development Authority of India (Minimum Information for Inspection or Investigation) Regulations 2018 Ref: 40\/IRDA\/INSP\/Min-Info-Reg\/2017 Rule 39 of the Insurance Rules, 1939 prescribed certain minimum information to be maintained, the checks and other verifications to be adopted by the insurers. 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