IRDAI announces norms to boost governance

Current Context: The Insurance Regulatory & Development Authority of India (IRDAI) has announced a set of new regulations to enhance the regulatory framework for the insurance industry on 19th March 2024.

• These regulations focus on safeguarding policyholders’ interests, rural and social sector responsibilities, electronic insurance marketplace, foreign reinsurance branches, and aspects of registration, actuarial, finance, investment, and corporate governance.
• The regulator has approved insurance products regulations to promote "good governance in product design and pricing, including strengthening of the principles governing guaranteed surrender value and special surrender value along with disclosures thereof".

Question:

Q.1 What has the regulator approved to promote good governance in product design and pricing?
a. New premium calculation methods
b. Insurance products regulations
c. New claim settlement procedures
d. New policy issuance procedures