Page 57 - Insurance Times May 2023

Circular

IRDAI Corner

IRDAI Information and Cyber Security Insurance Regulatory and Development
Guidelines, 2023. Authority of India (Payment of Commis-
24th Apr, 2023 sion) Regulations, 2023

26th March, 2023
1. IRDAI vide Circular ref: IRDAI/IT/GDL/MISC/082/04/2017
dated 07th Apr, 2017 has issued guidelines on Informa-
In exercise of the powers conferred by clause (ic) and (jd) of
tion and Cyber Security for Insurers, which were later
sub section 2 of section 114A, section 40 and section 31B of
extended to all Insurance Intermediaries vide Circular
the Insurance Act, 1938 (4 of 1938), and sub-section (1) and
ref: IRDA/GA&HR/GLD/MISC/184/09/2022 dated 02nd
clause (e) of sub section (2) of section 14 and section 26 of
Sep, 2022.
the Insurance Regulatory and Development Authority Act,
2. Considering the wide-spread adoption of digital tech- 1999 (41 of 1999), the Authority in consultation with the
nologies and the concurrent increase in cyber security Insurance Advisory Committee, hereby makes the following
incidents, the revised Guidelines are hereby issued in Regulations, namely:
order to enable the insurance industry to strengthen
1. Short Title and Commencement of the Regulations:
their defenses as well as related governance mechanism
(a) These Regulations shall be called the Insurance
to deal with such emerging cyber threats.
Regulatory and Development Authority of India
3. The IRDAI Information and Cyber Security Guidelines, (Payment of Commission) Regulations, 2023.
2023 are attached as Annexure – A.
(b) These Regulations shall come into force from 1st
4. All Insurers including FRBs, Insurance Intermediaries April, 2023.
covering Brokers, Corporate Agents, Web Aggregators,
(c) These Regulations shall be reviewed once in every
TPAs, IMFs, Insurance Repositories, ISNP, Corporate Sur-
three years from date of notification, unless the
veyors, MISPs, CSCs and Insurance Information Bureau
review or repeal or amendment is warranted ear-
of India (IIB) shall adhere to the said Guidelines. Those
lier.
entities who have already completed security audit for
2. Objective: The objectives of these Regulations are:
FY 2022-23 shall ensure compliance with these guide-
(a) To enhance responsiveness of the regulation to
lines from next financial year.
market innovation.
5. The IRDAI Circular ref: IRDAI/IT/GDL/MISC/082/04/2017
(b) To facilitate the insurers in development of new
dated 07th Apr, 2017, Circular ref: IRDA/IT/CIR/MISC/
business models, products, strategies, internal pro-
301/12/2020 dated 29th Dec, 2020, Circular ref: IRDA/
cesses and enable in easy compliance with the
GA&HR/GLD/MISC/184/09/2022 dated 02nd Sep, 2022
Regulations while fulfilling the regulatory objec-
and Circular ref: IRDAI/GA&HR/GDL/MISC/211/10/2022
tives.
dated 11.10.2022 are superseded by these guidelines.
(c) To provide the insurers the flexibility to manage
The Insurance Times May 2023 51