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Industry Specific - Insurance Central Insurance Regulatory Development Authority Insurance Act, 1938

Master Circular on Protection of Interests of Policyholders

05-Sep-2024 | IRDAI/PP&GR/CIR/MISC/117 /9/2024

Insurance Regulatory and Development Authority of India (IRDAI) has issued a Master Circular on Protection of Interests of Policyholders, effective from 5th September 2024. Key provisions include:

a. Advertising of Insurance Products: Insurers and distribution channels are permitted to advertise insurance products across various platforms like TV, radio, social media, newspapers, pamphlets, etc.

b. Issuance of Policies in Physical Form: Policies issued electronically must also be provided in physical form upon the policyholder's request.

c. Portability of Health Insurance: Insurers must allow portability of all individual, family floater, and group health insurance policies at renewal. Policyholders seeking to port their policy must apply to the new insurer at least 30 days before the renewal date, but not earlier than 60 days.

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