• UGI USER
  • May 30, 2024
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IRDAI MANDATES INSURERS TO IMPLEMENT END-TO-END TECHNOLOGY SOLUTIONS.

Why in the news?

  • IRDAI issued a master circular consolidating client entitlements and repealing 55 previous circulars.
  • Insurers must decide on cashless authorisation requests within one hour and grant final authorisation within three hours at discharge.
source:medium

 About the Current Status of Insurance Sector In India:

  • The Indian insurance market is projected to hit USD 200 billion by 2027.
  • Expected to become the 6th largest insurance market by 2032.
  • Currently ranks 9th in life insurance and 14th in non-life globally.
  • Both sectors are experiencing double-digit growth rates.
About  Insurance Regulatory and Development Authority of India:

  • IRDAI: Statutory body under IRDA Act, 1999 for overseeing and developing India’s insurance sector.
  • Powers and functions defined in IRDA Act, 1999 and Insurance Act, 1938.
  • Regulates entities in the insurance sector through framed regulations.

Associated Article:

https://universalinstitutions.com/insurance-sector/