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ARTICLE · 27 AUGUST 2024

Regulations On Expenses Of Management Consolidated

JSA Advocates & Solicitors
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To promote a favorable business environment and empower Board of Directors ("Board") of insurers in taking operational decisions with sufficient flexibility...

IndiaInsurance
Sidharrth Shankar
Sidharrth Shankar
Varun Sriram
Varun Sriram
Dhruv Malhotra
Dhruv Malhotra
Abhik Sriram Kunduri
Abhik Sriram Kunduri
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Regulations on expenses of management consolidated

To promote a favorable business environment and empower Board of Directors (“Board”) of insurers in taking operational decisions with sufficient flexibility, IRDAI issued IRDAI(Expenses of Management(“EoM”), including Commission, of Insurers) Regulations, 2024 (“EOM Regulations”)1. They apply to insurers transacting life insurance business, general insurance business or health insurance business in India. The EOM Regulations repeal and consolidate 3 (three) regulations.2 

Subsequently, a master circular was issued to supplement the EOM Regulations.3 It applies to life, general and health insurers. Some of the key provisions of the master circular are as follows:

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