IRDAI released the Master Circular on allied operations on 19th Jun as an initiative to introduce customer friendly reforms. Master circular in essence provides freedom to insurers to file innovative products with ease while at the same time enforces stringent servicing levels for the insurers.
The 45 page circular by the regulator has placed the nail for foundation of a very different insurance industry in the country. That is why it is imperative for insurance professionals to understand it's implications and revisions in detail. Through this short series we would decrypt the key guidelines for the insurers while keeping in mind the practical implementation of the circular.
For this introductory article to establish importance of the circular we are leaving with the below list of IRDAI regulations which the master circular has abolished and overridden.
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