IRDAI approves reforms, policyholder fund norms, new general insurer
The Insurance Regulatory and Development Authority of India (IRDAI) has approved several reforms, including new regulations for the Policyholders' Education and Protection Fund (PEPF). The PEPF will serve as a dedicated institutional mechanism to promote insurance awareness, strengthen grievance redressal, and facilitate tracing and recovery of unclaimed insurance amounts. Other approved reforms include perpetual registration for insurers with an annual fee regime instead of periodic renewals, and new regulations governing penalties. IRDAI also granted a certificate of registration to ProTec General Insurance, making it the fourth new registration this year.
Key Points
- IRDAI approved new regulations for the Policyholders' Education and Protection Fund (PEPF).
- PEPF aims to boost insurance awareness, improve grievance redressal, and help recover unclaimed amounts.
- Reforms include perpetual registration for insurers and new penalty regulations.
- IRDAI granted a registration certificate to ProTec General Insurance, the fourth new insurer this year.
Exam Facts
- Regulator: Insurance Regulatory and Development Authority of India (IRDAI).
- Fund: Policyholders' Education and Protection Fund (PEPF).
- New general insurer: ProTec General Insurance.
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