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The Insurance Regulatory and Development Authority of India (IRDAI) has approved eight principle-based consolidated regulations, including setting up the insurance e-marketplace Bima Sugam for buying, selling, and servicing insurance policies, and settling claims.
IRDAI (Insurance Products) Regulations, 2024 merge six regulations into a unified framework aimed at enabling insurers to swiftly respond to evolving market demands, enhancing the ease of conducting business, and boosting insurance penetration. These regulations promote good governance in product design and pricing, including strengthening the principles governing guaranteed surrender value & special surrender value along with disclosures thereof, IRDAI said in a statement.
The Insurance Regulatory and Development Authority of India (IRDAI) has given its approval for the setting up of insurance e-marketplace Bima Sugam for buying, selling, and servicing insurance policies as well as settling claims."This ...
Bima Sugam will list insurance products from all life, health, and general insurance categories, providing a comprehensive one-stop shop for insurance needs.