Insurance Regulatory Round-up: 2017

Introduction

2017 was an interesting year for the Indian insurance industry which witnessed a rapid increase in number of Insurers, significant transactions in the existing players, new forms of online commerce, addition of new categories of insurance intermediaries, diversity in the products on offer and evolving business processes. From a regulatory perspective, the year also saw a continued overhauling of the existing insurance regulatory framework with a slew of new regulations being introduced and existing guidance being amended and updated.

We provide an overview below of some of the key regulatory changes introduced in 2017.

Guidelines on lnsurance e-commerce

The IRDAI issued the "Guidelines on lnsurance e-commerce" on 9th March 2017 (E-commerce Guidelines) regulating the setting up of Insurance Self-Network Platforms (ISNP) by Insurers and insurance intermediaries (other than insurance agents) to sell and service insurance policies.