Regulator IRDAI on Monday came out with draft regulations for the designing and pricing of general insurance products with a view to protecting the interest of policyholders. The proposed regulations provide the basic framework and reflect the fundamental principles to be followed in respect of product design and pricing, said Insurance Regulatory and Development Authority of India (IRDAI).

 

The IRDAI (General Insurance Products) Regulations, 2021, which will apply to insurance products as well as add-ons, are aimed at promoting efficiency in the conduct of the general insurance business, said the draft on which the regulator has invited comments from stakeholders by April 26. Guidelines for product filing have been in vogue since 2000 and have been revised from time to time.

 

“It has been felt necessary to have Regulations governing general insurance products, even while having a provision thereunder for issuance of guidelines for various segments as may be necessary,” Insurance Regulatory and Development Authority of India said. One of the objectives of the draft regulations is to provide framework for designing and pricing of general insurance products. It also aims to ensure that the interests of policyholders are protected while promoting efficiency in the conduct of the general insurance business.