IRDAI (Minimum Information Required For Investigation And Inspection) Regulations, 2020

1. Introduction

The Insurance Regulatory and Development Authority of India ("IRDAI"), via notification dated November 23, 2020, had released the IRDAI (Minimum Information Required for Investigation and Inspection) Regulations, 2020 ("Regulations"). As per the notification, the Regulations shall come into force after six months from date of its publication i.e. 24 May, 2021. These Regulations are applicable to all insurers and intermediaries. These Regulations specify minimum information which is to be maintained by the insurer, intermediary or insurance intermediary to enable the investigation officer to effectively discharge his/her duties as per the Insurance Act, 1938 ("Insurance Act"). The regulations are divided in three parts wherein the first part is applicable on insures, the second part is applicable on intermediaries and insurance intermediaries and the third part is applicable to insurers, intermediaries and insurance intermediaries.