WebNov 27, 2024 · The outsourcing policy will tighten processes and make sure companies engage with organizations that come with the right qualification needed for the insurance industry. All core activities related to underwriting of policies, product design, actuarial functions and risk management should not be outsourced. WebTheInsurance Regulatory and DevelopmentAuthority of India (IRDAI) issued theIRDAI(Outsourcingof Activities …
IRDA issues new outsourcing guidelines for insurers
WebMar 24, 2024 · It defines 'outsourcing' as use of third-party services to perform activities that would normally be undertaken by the insurer but does not include services such as legal … WebMay 14, 2024 · Regulation / Guidelines: Provision: Particulars: 1. IRDAI (Protection of Policyholders’ Interests) Regulations, 2024: Regulation 19(5) Insurers are required to maintain total confidentiality of policyholder information, unless it is legally necessary to disclose the same to statutory authorities. 2. IRDAI (Maintenance of Insurance Records ... simpleindex software
Brokers regulations 2024: significant changes and impact
WebMar 27, 2024 · All outsourcing arrangements where annual payment per outsourcing service provider is Rs1 million or more must be reviewed by the board of directors. Solicitation of insurance Every insurance... WebDec 8, 2024 · Maintain all agreements with outsourcing entities, insurers, other insurance intermediaries, hospitals, and others for solicitation or servicing of insurance business or training or for any other purpose and other details pertaining to the same. WebInsurance Regulatory and Development Authority of India(IRDAI) is a statutory body set up for protecting the interests of the policyholders and regulating, promoting and ensuring … raw onions in air fryer