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ARTICLE · 02 SEPTEMBER 2024

IRDAI (Insurance Products) Regulations, 2024

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The IRDAI (Insurance Products) Regulations, 2024 ("Product Regulations"), were issued to facilitate the development of innovative insurance products and offer a swift response to the evolving market demands.

IndiaInsurance
Sidharrth Shankar
Sidharrth Shankar
Varun Sriram
Varun Sriram
Dhruv Malhotra
Dhruv Malhotra
Abhik Sriram Kunduri
Abhik Sriram Kunduri
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IRDAI (Insurance Products) Regulations, 2024

The IRDAI (Insurance Products) Regulations, 2024 ("Product Regulations"),1 were issued to facilitate the development of innovative insurance products and offer a swift response to the evolving market demands. They apply to insurers who have been granted certificate of registration to transact the business of life insurance or general insurance or health insurance. It encourages the development of products for different segments/strata of the society while protecting the interests of policyholders and maintaining regulatory compliance. It lays down the principles to be followed by an insurer in product design and development cycle of insurance products. These regulations repeal 6 (six) regulations.2 Subsequently, 3 (three) master circulars on 'health insurance', 'general insurance', and 'life insurance' products were issued to supplement the Product Regulations. The key provisions of these master circulars are set out

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