Direct Tax
Consulting
ESG Advisory
Indirect Tax
Growth Advisory
Internal Audit
BFSI Audit
Industry Audit
Valuation
RBI Services
SEBI Services
IRDA Registration
AML Advisory
IBC Services
Recovery of Shares
NBFC Compliance
IRDA Compliance
Finance & Accounts
Payroll Compliance Services
HR Outsourcing
LPO
Fractional CFO
General Legal
Corporate Law
Debt Recovery
Select Your Location
The Insurance Regulatory and Development Authority of India (IRDAI) stands as the sentinel of India’s insurance sector, ensuring its sound and responsive functioning. To streamline and harmonize the operations of the insurance industry, IRDAI releases a series of communications, notable among which are the IRDAI circulars. In this blog, we’ll delve into the nature, purpose, and significance of these circulars.
IRDAI Circulars are official communications that aim to guide, instruct, or clarify various stakeholders, including insurance companies, intermediaries, and policyholders, about the regulations, guidelines, or issues pertaining to the insurance sector.
Circulars issued by the IRDAI hold a binding nature. This means that all entities falling under the purview of the regulator must adhere to the instructions and clarifications issued through these circulars. Non-compliance can lead to penalties and other regulatory actions.
While circulars provide clarifications or specific directions, regulations are broader normative instruments that lay down the framework within which insurance entities operate. Guidelines, on the other hand, often provide detailed procedures or benchmarks that companies must adhere to in specific areas.
For those keen on staying abreast with the latest in the insurance regulatory landscape, the official IRDAI website is a repository of all its circulars, regulations, and guidelines. It’s a valuable resource for insurance professionals, academicians, and even policyholders wishing to understand their rights and obligations better.
The constantly evolving landscape of the insurance sector necessitates clear, consistent communication from its regulatory body. IRDAI circulars play a pivotal role in this, acting as torchbearers that guide and inform stakeholders about the best, and more importantly, the right way forward. They epitomize the regulator’s proactive approach in ensuring the sector remains vibrant, fair, and above all, focused on the customer.
With the growing popularity of the investment instrument, Alternative Investment Funds (AIFs) h...
The Securities and Exchange Board of India (SEBI) has recently proposed a review of the categor...
The regulatory organizations in the recent years have focused more on efficiency, investor prot...
Non-banking finance companies (NBFCs) play a very important role in the Indian financial system...
Sweden is a country in Europe and has been a member of the European Union (EU) since 1995. The...
Are you human?: 9 + 6 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
On 1st March 2024, the IRDAI came up with a notification via F. No. IRDAI/Reg/5/199/2024 for Bima Sugam- Regulation...
09 Apr, 2024
The regulation dated February 14, 2024, about the Protection of Policyholders' Interests and Allied Matters of Insu...
30 Mar, 2024