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ARTICLE · 29 OCTOBER 2024

IRDAI's Update On Turnaround Times For Insurance Companies

Tuli & Co
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The IRDAI has introduced a new regulatory framework that streamlines turnaround times for the various activities and services conducted by Indian Insurance Companies, replacing the previous regulatory regime.

IndiaInsurance
Anuj Bahukhandi
Anuj Bahukhandi
Armaan Tuli
Armaan Tuli
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Introduction

The Insurance Regulatory and Development Authority of India ("IRDAI") has introduced a new regulatory framework that streamlines turnaround times ("TATs") for the various activities and services conducted by Indian Insurance Companies, replacing the previous regulatory regime.

The TATs applicable to various activities were previously set out in the IRDAI (Protection of Policyholders' Interests) Regulations 2017 ("2017 Regulations"). However, the IRDAI has recently introduced the IRDAI (Protection of Policyholders' Interests, Operations and Allied Matters of Insurers) Regulations 2024 ("PPHI Regulations"), which, inter alia, repeal the earlier provisions on TATs. As a supplement to the PPHI Regulations, the IRDAI has also issued a Master Circular on "Protection of Policyholders' Interests" on 5 September 2024 ("PPHI Circular") which provides additional guidance and specific timelines for several insurance services. This new regulatory framework

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