What’s new under the IRDAI’s Exposure Draft on Expenses of Management Regulations?
-Mahak Agarwal, Executive (corplaw@vinodkothari.com)
On 14th November, 2023, the IRDAI released an Exposure Draft EOM Regulations, 2023 (‘Exposure Draft’) which proposes to repeal the following regulations:
- Insurance Regulatory and Development Authority of India (Expenses of Management of Insurers transacting General or Health Insurance Business) Regulations, 2023;
- Insurance Regulatory and Development Authority of India (Expenses of Management of Insurers transacting Life Insurance Business) Regulations, 2023 and
- Insurance Regulatory and Development Authority of India (Payment of Commission) Regulations, 2023.
The Exposure Draft is seemingly a consolidation of the aforesaid regulations with a few modifications. Further, most of these so-called modifications are essentially in the nature of rephrasing certain statements, for instance, formulation of business plan ‘in advance’ being replaced with ‘prior to commencement of financial year’.
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