IRDAI issues draft norms to maintain information by regulated entities
This story was originally published at 14:30 IST on 31 October 2024
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MUMBAI – Insurance Regulatory and Development Authority of India on Wednesday issued draft guidelines on maintenance of information by regulated entities. These guidelines would enable insurers to maintain data as required by them in electronic form and adopt an established data governance framework.
These guidelines would be called "Insurance Regulatory and Development Authority of India (Maintenance of Information by the Regulated Entities and Sharing of information by the Authority), Regulations 2024"
The norms under IRDAI (Minimum Information Required for Investigation and Inspection) Regulations, 2020, Insurance Regulatory and Development Authority (Sharing of Confidential Information Concerning Domestic or Foreign Entity) Regulations, 2012 and IRDAI (Maintenance of Insurance Records) Regulations, 2015 have been combined to rationalise the regulatory framework.
The draft guidelines also ask the insurance regulator "to share information judiciously considering the principles of confidentiality, including consent, disclosure, security, rights and interests of the stakeholders who own or provide such information."
The insurance regulator has sought comments and suggestions on the draft guidelines by Nov. 20. End
Reported by Christina Titus
Edited by Vidhi Verma
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