IRDAI Notifies Minimum Information For Insurers, Intermediaries And Insurance Intermediaries

Introduction

On November 23, 2020, the Insurance Regulatory and Development Authority of India ("IRDAI") exercising its power under Sections 33(7) and 114A(2)(j) of the Insurance Act, 1938 ("Act") read with Sections 14 and 26 of Insurance Regulatory and Development Authority Act of India, 1999 ("IRDAI Act") notified the IRDAI (Minimum Information Required for Investigation and Inspection) Regulations, 2020 ("Notification")¹ . The Notification will come into force from May 24, 2021.

The objective of the Notification is to specify the minimum information required to be maintained by insurer, intermediary or insurance intermediary, so as to enable the investigating officer to discharge its functions under Section 33 of the Act.