Expenses of Management, including Commission, of Insurers
Insurance Regulatory and Development Authority of India (IRDAI) (Expenses of Management, including Commission, of Insurers) Regulations, 2024
F. No. IRDAI/Reg/2/196/2024.— In exercise of the powers conferred by clause (ic), clause (jd) and clause (je) of sub-section (2) of Section 114A, read with Section 31B, 40, 40B and 40C of the Insurance Act, 1938 (4 of 1938), and sub-section (1) and clause (e) of sub section (2) of section 14 and section 26 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), the Authority, in consultation with the Insurance Advisory Committee, hereby makes the following Regulations, namely
Objective – To enable and provide flexibility to the insurers to manage their expenses, including commissions, within the overall limits as specified by the Authority to optimally utilize their resources for enhancing benefits to policyholders and to improve insurance penetration.
Part-I
- Short title and Commencement
(1) These regulations may be called the Insurance Regulatory and Development Authority of India (Expenses of Management, including Commission, of Insurers) Regulations, 2024.
(2) The Regulations shall be applicable to Insurers transacting Life Insurance Business, General Insurance Business or Health Insurance Business in India.
(3) These Regulations shall come into force from 1st April, 2024.
(4) These Regulations shall be reviewed once in every three years from the date of notification, unless the review or repeal or amendment is warranted earlier.
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