Page 57 - Insurance Times April 2024

Circular

IRDAI Corner

Registration of a new Health Insurer coherence in the regulatory landscape. The process involved
extensive consultations with diverse stakeholders, including
22.03.2024 insurance industry, experts, and public at large ensuring a
comprehensive consideration of varied perspectives in shap-
Insurance Regulatory & Development Authority of India ing the revised framework.
(IRDAI) in its 125th meeting held on 19 March, 2024 has
granted Certificate of Registration to a new health insurer Following are the gist of regulations approved by IRDAI
namely, Galaxy Health and Allied Insurance Company Limited in the 125th meeting:
to carry health insurance business in India. With this the num- IRDAI (Rural, Social Sector and Motor Third Party Ob-
ber of insurers operating in health insurance segment has ligations) Regulations, 2024
gone up to 7. The IRDAI (Rural, Social Sector, and Motor Third Party
Obligations) Regulations, 2024 consolidate 2 erstwhile
This is the sixth registration granted by IRDAI in around one regulations pertaining to minimum business obligations
year in Life, Non-life and Health Segment. in rural, social sector and motor third party business for
insurers, as mandated under the Insurance Act, 1938.
Regulatory Revamp: A Paradigm Shift
Compliance and measurement of these statutory obli-
22.03.2024 gations has been revised where the unit of measure-
ment under the rural obligations will now be Gram
IRDAI remains committed to fostering a conducive regula- Panchayat, the scope of social sector has been extended
tory environment that protects interests of the policyhold- to cover cardholders and beneficiaries under various
ers and encourages innovation, competition, and sustainable schemes. Under the Motor Third Party Obligations, unit
growth in the insurance industry. of measurement will be renewal of insurance coverage
At the 125th Authority meeting convened on Tuesday, March to goods carrying vehicles, passenger carrying vehicles
19, 2024, at the IRDAI Head Office in Hyderabad, the Au- and tractors.
thority approved eight principle-based consolidated regula- IRDAI (Bima Sugam - Insurance Electronic Market-
tions, following the comprehensive review of regulatory place) Regulations, 2024
framework for insurance sector.
The IRDAI (Bima Sugam - Insurance Electronic Market-
These regulations encompass pivotal domains such as safe- place) Regulations, 2024, aims to establish a Digital
guarding of policyholders' interests, rural and social sector Public Infrastructure named Bima Sugam towards uni-
responsibilities, electronic insurance marketplace, insurance versalization and democratization of insurance as well
products and operation of foreign reinsurance branches, as as empowering and safeguarding policyholders' inter-
well as aspects of registration, actuarial, finance, investment ests and achieve the vision of "Insurance for all by
and corporate governance. This comes after the notifica- 2047”. This marketplace serves as a one stop solution
tion of the first consolidated regulation on Expenses of for all insurance stakeholders, including customers, in-
Management of insurers in January, 2024. surers, intermediaries, and agents, thereby, promoting
It marks a significant milestone in regulatory governance transparency, efficiency, and collaboration across the
which has replaced 34 regulations with 6 regulations and entire insurance value chain.
introduction of 2 new regulations enhancing clarity and IRDAI (Registration, Capital Structure, Transfer of

The Insurance Times April 2024 51