ARTICLE · 05 FEBRUARY 2024

AKP Banking & Finance Digest- January 29, 2024

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On January 23, 2024, the Insurance Regulatory and Development Authority of India ("IRDAI") introduced the IRDAI (Expenses of Management, including Commission, of Insurers) Regulations, 2024, consolidating regulations...

IndiaFinance and Banking

1. Regulatory Updates

1.1. India

1.1.1. IRDAI consolidates regulations for insurance sector efficiency

On January 23, 2024, the Insurance Regulatory and Development Authority of India ("IRDAI") introduced the IRDAI (Expenses of Management, including Commission, of Insurers) Regulations, 2024, consolidating regulations on expenses of management and commission payments. In March 2023, amendments aimed to balance flexibility and oversight, shifting to principle-based regulations. This marked a milestone in simplifying compliance, enhancing transparency, and fostering innovation. The move empowers insurers to adapt to the evolving business landscape while safeguarding policyholders' interests. Irdai encourages stakeholders to embrace this forward-thinking regulatory approach for greater innovation and competitiveness. Outlook India

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