The Insurance Regulatory and Development Authority of India (IRDAI) has made it mandatory for insurers to issue fresh policies digitally. This would ensure easier access to policies and make keeping track of policies across companies and segments simpler.
India's Reserve Bank, Insurance Regulatory Development Authority, and Income Tax Department have declared March 31 as a working day to facilitate timely financial transactions and tax obligations.
Business News: Mumbai: In a relief for life insurance company investors, regulator Irdai has retained most existing surrender charges in the revised product regulati.
The Insurance Regulatory and Development Authority of India (IRDAI) has decided to maintain existing surrender values for life insurance policies following concerns raised by insurers. The regulator has also allowed the sale of Index Linked Insurance Products tied to publicly available indexes. Initially proposed higher surrender values in draft regulations were reconsidered due to industry feedback, with IRDAI opting to retain the regulations.