IRDAI (Insurance Brokers) Regulations 2018

data protection indian insurance regulations

In the first part of this two part series we discussed about the regulatory frameworks governing insurance companies and insurance intermediaries. In this part we will look at the guidelines applicable to both insurance companies and insurance intermediaries which includes cyber security and ecommerce guidelines.

Guidelines Applicable to Both Insurance Companies as well as Insurance Intermediaries

In addition to the previously-mentioned regulations, the IRDAI has also issued certain guidelines pertaining to data security and protection that are applicable to both insurance companies as well as insurance intermediaries. These are the Guidelines on Information and Cyber Security for Insurers[i] (Cyber Security Guidelines) and the Guidelines on Insurance E-Commerce[ii] (E-commerce Guidelines) and have been discussed below.
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IRDAI clarification Written Mandate under the IRDAI (Insurance Brokers) Regulations, 2018

The Insurance Regulatory and Development Authority of India (IRDAI) notified the IRDAI (Insurance Brokers) Regulations, 2018 (Brokers Regulations) on January 12, 2018, repealing the erstwhile brokers regulations of 2013. This continues what is now considered an eventful financial year for the insurance regulatory space in India.

The Brokers Regulations improved upon the existing framework for the governance and regulation of insurance brokers- who act as significant intermediaries in the insurance sector. IRDAI, under these new Regulations, prescribed that all insurance brokers are required to comply with the code of conduct (Code of Conduct) set out in Schedule I – Form H of the Regulations.
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