Corporate Governance For Insurers: A New Robust Framework

In furtherance of the Insurance Regulatory and Development Authority of India (Corporate Governance for Insurers) Regulations, 2024 ("the Regulations") issued by the Insurance Regulatory and Development Authority of India ("IRDAI"), the Master Circular on Corporate Governance for Insurers, 2024 was notified on 22nd May 2024 ("Master Circular"), with an aim to provide various operational and procedural aspects for adoption by insurers.

The Master Circular repealed several circulars and guidelines including the Guidelines for Corporate Governance for Insurers in India, 2016. The intent of the Master Circular is to strengthen the capacity of key stakeholders responsible for an insurer's governance – such as the board of directors ("Board"), senior management, and key management persons ("KMP") to effectively and prudently manage the insurer's business. The thrust of the Regulations and Master Circular is to further improve the corporate governance framework for Indian