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IRDAI Regulations & Compliance

Comprehensive Guide to Insurance Regulatory and Development Authority of India (IRDAI) Regulations Governing Bharat Protection Insurance Company

IRDAI Registration: ABC123456 | Regulatory Compliance: 100%
COMPLIANCE

1. IRDAI Overview & Regulatory Framework

About IRDAI:

The Insurance Regulatory and Development Authority of India (IRDAI) is the apex regulatory body for the insurance sector in India, established under the IRDA Act, 1999. IRDAI's mission is to protect the interests of policyholders, regulate, promote and ensure orderly growth of the insurance industry.

Key Functions of IRDAI:

  • Issue certificates of registration to insurance companies
  • Protect interests of policyholders in matters concerning insurance
  • Specify code of conduct for surveyors and loss assessors
  • Promote efficiency in the conduct of insurance business
  • Regulate investment of funds by insurance companies
  • Adjudicate disputes between insurers and intermediaries
  • Supervise the functioning of Tariff Advisory Committee

2. Registration & Licensing Requirements

Our Registration Details:

Particular Details Validity
Certificate of Registration No. ABC123456 Permanent
Composite License Life & General Insurance Valid
Date of Registration June 30, 2008 -
Minimum Capital Requirement ₹ 100 Crores (Paid-up) Compliant
Solvency Margin 1.85 (Minimum: 1.50) Above Required

Mandatory Requirements:

  • Minimum paid-up equity capital of ₹ 100 crores for composite registration
  • Promoters must have at least 10 years of experience in relevant field
  • Sound and feasible business plan approved by IRDAI
  • Adequate infrastructure for insurance operations
  • Compliance with corporate governance guidelines

3. Policyholder Protection Regulations

Policyholder Rights (IRDAI Circulars):

  • Free Look Period: 15 days from policy receipt to review terms
  • Claim Settlement: Mandatory within 30 days of document submission
  • Transparency: All charges must be disclosed upfront
  • Grievance Redressal: Maximum 30 days for resolution
  • Nomination Facility: Mandatory for all life insurance policies
  • Portability: Right to switch insurers without losing benefits

Our Implementation:

Turnaround Time

Claims settled within 26 days (vs 30 days mandate)

Claim Settlement Ratio

97.3% (Above industry average of 94.2%)

Grievance Resolution

99.2% resolved within 30 days

4. Product Approval & Filing Regulations

Product Filing Process:

  • All insurance products require prior approval from IRDAI (File & Use)
  • Detailed product design, pricing, and actuarial justification required
  • Standardized product templates for easy comparison
  • Clear disclosure of all terms, conditions, and exclusions
  • Maximum commission structure as per IRDAI guidelines

Our Approved Products:

Product Category IRDAI File No. Approval Date Status
Payment Protection Insurance PP-2023-001 Jan 15, 2023 Active
Term Life Insurance LI-2023-045 Feb 28, 2023 Active
Comprehensive Motor Insurance MI-2023-067 Mar 15, 2023 Active
Home Insurance Package HI-2023-023 Apr 10, 2023 Active

5. Financial Regulations & Solvency Requirements

Solvency Requirements (IRDAI Regulations):

  • Minimum Solvency Ratio: 1.50 (150%) at all times
  • Quarterly Reporting: Solvency position to be reported every quarter
  • Asset-Liability Management: Matching of assets and liabilities
  • Investment Regulations: Specific limits for different asset classes
  • Actuarial Valuation: Quarterly valuation of liabilities

Our Financial Compliance:

1.85

Solvency Ratio

IRDAI Min: 1.50

97.3%

Claim Settlement

Above Industry Avg.

₹ 3567 Cr

Total Assets

As of Mar 2023

0

Regulatory Penalties

Last 5 Years

6. Corporate Governance Regulations

IRDAI Corporate Governance Guidelines:

  • Minimum of 50% independent directors on the board
  • Mandatory appointment of Chief Risk Officer (CRO)
  • Establishment of Audit, Risk, and Investment Committees
  • Whistle-blower policy for reporting unethical practices
  • Regular board evaluation and director training
  • Disclosure of related party transactions

Our Governance Structure:

Board Composition

Total Directors: 12

Independent Directors: 7 (58%)

Women Directors: 3 (25%)

Committees

• Audit Committee (100% independent)

• Risk Management Committee

• Investment Committee

• Nomination & Remuneration Committee

Compliance Officers

Chief Compliance Officer: Ms. Neha Kapoor

Appointed Actuary: Mr. Ravi Shankar

Chief Risk Officer: Mr. Sanjay Mehta

7. Grievance Redressal Regulations

IRDAI Integrated Grievance Management System (IGMS):

All insurance grievances must be registered through IRDAI's Integrated Grievance Management System (IGMS) portal. Policyholders can track complaint status and escalation through this centralized system.

IGMS Portal: igms.irdai.gov.in

Our Grievance Redressal Mechanism:

1
Level 1

Customer Care
1800-123-4567

Response: 24 hours

2
Level 2

Grievance Officer
grievance@bharatprotection.com

Resolution: 7 days

3
Level 3

IRDAI IGMS
www.igms.irdai.gov.in

Escalation

4
Level 4

Insurance Ombudsman
Mumbai Region

For eligible cases

8. Recent Regulatory Updates & Circulars

Key IRDAI Circulars (2023):

Circular No. Subject Effective Date Our Status
IRDAI/LIFE/CIR/2023/01 Use & File Procedure for Life Insurance Products Apr 1, 2023 Implemented
IRDAI/GEN/CIR/2023/05 Regulations on Corporate Governance for Insurers Jun 1, 2023 Compliant
IRDAI/GEN/CIR/2023/12 Master Circular on Protection of Policyholders' Interests Aug 15, 2023 Implemented
IRDAI/LIFE/CIR/2023/25 Guidelines on Standard Individual Term Life Insurance Product Oct 1, 2023 Adopted
IRDAI/GEN/CIR/2023/30 Digital Distribution of Insurance Products Nov 1, 2023 In Progress

Important Note:

This page provides a summary of key IRDAI regulations. For complete regulatory texts, please refer to the official IRDAI website: www.irdai.gov.in

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Regulatory Notice

Regulations are subject to change. Last updated: December 2023. For latest regulations, visit IRDAI website.