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IRDAI – Insurance – Important Exposure Draft on IRDAI (Insurance Products) Regulations, 2023 – Published on 12.12.2023 inviting comments / suggestions.

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Exposure Draft on IRDAI (Insurance Products) Regulations, 2023 – Paramount object to facilitate insurers to respond to the emerging market needs, to promote ease of doing, improve insurance penetration, protect the policy holders, adequate due diligence, sound management practices, etc.

On 29.7.2022, the Regulation Review Committee was constituted for enhancing ease of doing business and to simplify regulations for effective principles-based regime.  RRC commended to repeal – (i) IRDAI (Micro Insurance) Regulations, 2015, (ii) Minimum Limits for Annuities and other benefits Regulations, 2016, Acquisition of Surrender and Paid up values Regulations 2015, Health Insurance Regulations 2016, Unit linked Insurance Products Regulations, 2019 and Non-Linked Insurance Products Regulations, 2019

Exposure Draft Product Regulations 2023.pdf

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