insurance industry

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Policy Wordings - Lost in Translation?

The reasons for lower insurance penetration in India are multifaceted. However, one of the main factors is limited financial literacy and awareness. Typically, legalese in the policy document makes interpretation and  understanding a challenge. Globally, the World Bank, OECD, and several other associations/ authorities have expressed the need for transparent communication to build consumer trust and confidence in the insurance industry. Given the current Indian demographics, the need of the hour is to simplify policy wordings to assist in greater financial awareness and aid the goal of insurance coverage for all.Continue Reading Policy Wordings – Lost in Translation?

IRDAI Regulatory Reform Series: Registration and Capital Structure of Indian Insurance Companies

Background

The Insurance Regulatory and Development Authority of India (“IRDAI”) has a statutory duty to regulate, promote and ensure orderly growth of the insurance business and reinsurance business in India. Based on the IRDAI’s initiative to promulgate consolidated and principle-based regulations to govern the insurance industry, the Life Insurance Council and General Insurance Council (representative bodies of life and general insurers, respectively) constituted the Regulation Review Committee (“RRC”) to review the entire insurance regulatory framework and recommend principle-based regulations.Continue Reading IRDAI Regulatory Reform Series: Registration and Capital Structure of Indian Insurance Companies

Primer on IRDAI Information and Cyber Security Guidelines 2023

Introduction

On September 14, 2023, the Insurance Regulatory and Development Authority of India (“IRDAI”) set up an inter-disciplinary standing committee on cyber security, tasked with regularly reviewing the threats inherent in the existing or emerging technologies and suggest appropriate changes to the IRDAI Information and Cyber Security framework to further strengthen the insurance industry’s cyber security posture and resilience.[1] This is in furtherance to the IRDAI having notified the Information and Cyber Security Guidelines on April 24, 2023 (“CS Guidelines 2023”).Continue Reading Primer on IRDAI Information and Cyber Security Guidelines 2023