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Significant insurance regulatory changes New health insurer Galaxy Health, Bima Sugam, and lead to more security to policyholder .

Recent board meeting IRDAI passed eight rules that are based on principles. Some of the most important ones are Bima Sugam an online market for insurance policies product rules about the surrender charges of insurance policies and regulations to protect consumers.
 

Written by Thelearnvine

IRDAI most recent board meeting agreed to eight rules based on principles. Some of the most important ones are Bima Sugam, an online market for insurance policies, product rules about the surrender charges of insurance policies, and regulations to protect consumers. What will they do to help the policyholders?
 

In order to protect customers
 

The IRDAI Regulations, 2024 bring together eight different rules into one. They have a few main goals: to make sure that prospects are treated fairly when they are being asked to buy insurance policies; to protect policyholders' interests throughout their interactions with insurers and distribution channels; and to make sure that prospects are treated fairly when they are being asked to buy insurance policies. These rules stress that insurers and sales outlets must follow standard processes and best practices to meet their duties to policyholders, such as handling complaints and running the business with the policyholder in mind. Additionally, the rules aim to promote careful practices in risk management linked to outsourcing activities by insurers. Furthermore, the rules ensure that the opening or closing of places of business by insurers, both domestically and abroad, is handled in a way that prioritizes the interests of customers," the regulator.
 

Surrender value, other duties
 

The IRDAI laws, 2024 merge six laws into a unified framework aimed at allowing insurers to quickly react to changing market demands, augmenting the ease of handling a company, and increasing insurance coverage.These regulations support good governance in product design and pricing, including enhancing the principles governing guaranteed surrendering value & special surrender value along with statements thereof, the regulator said in a press note issued on March 22, 2024.


It also guarantees that the insurers choose strong management procedures for efficient control and due investigation. Also, the regulations promote the growth of creative insurance services that cater to the needs of various segments/strata of the society and provide more options while taking into account the interests of policyholders while ensuring regulatory compliance, thereby, encouraging a competitive marketplace.
 

Formation of Bima Sugam
 

The IRDAI board authorized Bima Sugam – an online marketplace for simplifying different insurance-related operations, including product exhibiting, customer assistance, and policy portability. The IRDAI (Bima Sugam - Insurance Electronic Marketplace) Regulations, 2024, aimed at developing a Digital Public The infrastructure named as Bima Sugam promotes universalization and democratization of insurance as well as empowering and preserving policyholders aspirations while completing the aim of 'Insurance for everyone by 2047',the regulator stated.
 

New health insurance Galaxy Health and Allied Insurance
 

The regulator gave the certificate of registration to independent health insurer Galaxy Health and Allied Insurance, which is authorized to begin activities. IRDAI at its 125th meeting organized on 19 March 2024 has issued Certificate of Incorporation to a new health insurer that are, Galaxy Health and Allied Insurance business Limited to perform health insurance operations in IndiaWith this, the number of providers working in the health insurance market has gone up to 7. This is the sixth license given by IRDAI in around one year in the Life, Non-life, and Health Segment, the regulator stated.
 

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