IRDAI

On April 15th 2024, Insurance Regulatory and Development Authority of India (IRDAI) permitted general insurers to alter policy wordings, except in motor third party.

IRDAI enables changes in policy wordings for various classes of business.
Expectations for improved customer understanding and tailored products.
Move aligns Indian insurance market with global standards.
Reforms aim to enhance insurer financial soundness and product diversification.
Insurance industry anticipates offering customised solutions post-consultation with reinsurers.
Immediate impact may be minimal for existing policy renewals, but long-term benefits anticipated.