IRDAI 2024: Regulatory Round-Up

Introduction

With the IRDAI's vision of "Insurance for All by 2047" driving the regulatory overhaul, 2024 has been a pivotal year for the insurance sector, particularly for Insurers.

Following a comprehensive review of the regulatory framework and a shift toward a principle-based regime, IRDAI replaced 37 existing regulations with 7 consolidated regulations and introduced 2 new regulations. Key updates are discussed below.

Expenses of Management and Commission Regulations

The IRDAI introduced the IRDAI (Expenses of Management, including Commission, of Insurers) Regulations, 2024, repealing the recently updated 2023 norms¹. While the changes primarily consolidate existing provisions, the new framework emphasise self-governance by offering Insurers greater flexibility to: