Page 58 - The Insurance Times October 2024
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By implementing these measures, IRDAI continues to pri- 2.1. Section 1: It contains summary of important and
oritize the interests of policyholders, advance transparency relevant information at various stages of an insur-
and efficiency of the insurance sector. ance contract for the prospects / policyholders /
customers. A prospect or policyholder to know his/
Master Circular can be accessed at IRDAI website at
https://irdai.gov.in/web/guest/document- her rights and obligations at various stages of an
detail?documentId=5625747. insurance policy may visit this Section. Important
and relevant information at various stages of
This is the second of the two Master Circulars issued under
Life Insurance Policies are in Part A,
these Regulations. The first Master Circular was issued on
19th June 2024. Health Insurance Policies are in Part B,
Retail General Insurance Policies are In Part C.
Master Circular on Protection of Interests
Separate Master Circulars on certain relevant and
of Policyholders important aspects of insurance business are also
Date: 05th September, 2024 issued on Life Insurance Business; Health Insurance
Business and General Insurance Business.
1. Background 2.2. Section 2: It contains broad requirements to be
Insurance sector has embarked upon the journey to complied with by an insurer under the Regulations.
achieve the vision of 'Insurance for All' by 2047. Vari- 3. This master circular is issued under section 34 of the
ous regulatory reforms have been undertaken in this Insurance Act, 1938, section 14 of the IRDA Act, 1999
direction by taking up measures to protect interests of and Regulation 56 of the Insurance Regulatory and
policyholders, prioritizing ease of doing business, en- Development Authority of India (Protection of Policy-
couraging innovation, competition, strengthen gover- holders' Interests, Operations and allied Matters of in-
nance framework to foster growth and self-reliance in surers) Regulations, 2024 and shall be reviewed every
the insurance sector. The interests of policyholder have year unless review or repeal is warranted earlier.
been at the core of all the initiatives undertaken which 4. The Returns referred under this circular shall be sub-
emphasize insurers and distribution channels to fulfill mitted as per the provisions herein and the Master Cir-
their obligations towards policyholders, including effec-
cular on Submission of Returns.
tive grievance redressal mechanisms and governance
5. All words and explanations used herein and not defined
structures centered around policyholder welfare. Regu-
lations on these aspects have been reviewed compre- in this Master Circular but defined in the Insurance Act,
1938 (4 of 1938) or Insurance Regulatory and Develop-
hensively and the Insurance Regulatory and Develop-
ment Authority Act, 1999 (41 of 1999) or Rules or Regu-
ment Authority of India (Protection of Policyholders' In-
lations made thereunder shall have the meanings re-
terests, Operations and allied Matters of insurers) Regu-
lations, 2024 (hereinafter called "Regulations") was spectively assigned to them in those Acts or Rules or
Regulations.
notified on 22nd March, 2024. This is second of the two
Master Circulars issued under these Regulations. The 6. In Order to remove any doubts or difficulties that may
first Master Circular may be accessed at https:// arise in the application or interpretation or any of the
irdai.gov.in/ document-detail?documentld=5083599. provisions of this Master Circular, the Comp~tent Au-
thority may issue appropriate clarifications, as and when
2. Provisions relating to Protection of Interests of Policy-
deemed necessary.
holders are being covered in this circular. The master
circular contains two sections as under: This has approval of the Competent Authority.
52 October 2024 The Insurance Times
