IRDAI – 14.2.2024 – Exposure Draft of Protection of Policyholders’ Interests and Allied Matters of Insurers) Regulations, 2024
At present, there are in all eight Regulations framed in 2002, 2015, 2016, 2017 and 2022, in operation on protection of Policyholders’ interests and allied matters of Insurers, premium, nomination, assignment of policies, advertisements, disclosure, opening of places of business, etc.
Now, IRDAI has proposed to consolidate all the eight Regulations into one Regulations of 2024 with major changes and some of the salient are as follows:
- Free lock in period
- Electronic transfer of refund, payment of claims,
- Issuance of policy only after nomination is obtained;
- Insurance policy in electronic form
