Insurance industry in India is tightly regulated by the regulator- Insurance Regulatory Development Authority of India (IRDAI).
The Insurance Regulatory landscape has evolved from an authority that, released guidelines to insurers for implementation to a collaborative model releasing guidelines after seeking inputs from the insurers. It has moved from a product centric to a customer centric regulator in the last two decades.
The Regulator covers all aspects of insurance starting from Products designed for the market, their pricing, insurer’s margins in these products, investment guidelines, distributor management and their commissions, risk management guidelines, the insurer’s outsourcing partners, marketing practices, data protection policies and the Complaints and Claims management processes.
The Regulator keeps a close eye on the insurer’s business model, their governance and implementation strategies. The Regulator works closely to protect the customer’s interest and to ensure that, there are no unfair practices at play in the industry.
Every insurer is inspected once in 2 years by a team from the Regulator’s office. Non-compliance to Regulations may result in a warning or penalty, subject to a hearing from the Insurer. The Regulator reserves the discretion to inspect a Bank or Broker’s records as a distributor for an insurance company.
It is imperative that, the insurer keeps his processes, records and practices- regulatory compliant. We, at AdWise Assure Pvt Ltd with our team of domain experts, are the right partners to help you be compliant and manage your processes.
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