The Insurance Regulatory and Development Authority of India (IRDAI) held an interaction with insurance CEOs and Appointed Actuaries focused on policyholder protection and orderly industry growth, following the Government of India’s exemption of life and health insurance from goods and services tax (GST). IRDAI advised insurers to ensure the full benefit of the GST relief is passed on to policyholders. Discussions also covered actions to expand insurance penetration beyond urban centres, including deeper outreach to rural populations and the unorganised sector and going beyond rural and social sector obligations. Priorities highlighted included widening coverage of government-sponsored insurance schemes for vulnerable sections, improving service quality with timely and efficient claims settlement, strengthening grievance redressal, and further establishing service standards across market conduct, compliance, risk management, and internal audit. The meeting additionally underscored creating a standing forum at the Life Council to examine court awards and derive learnings to help establish uniform standards in solicitation, underwriting, policy servicing and claims practices.
Insurance Regulatory and Development Authority of India 2025-09-17
Insurance Regulatory and Development Authority of India urges insurers to pass on GST exemption benefits and strengthen policyholder protection
The Insurance Regulatory and Development Authority of India (IRDAI) emphasized policyholder protection and industry growth in a meeting with insurance CEOs and Appointed Actuaries, following the GST exemption for life and health insurance. Key priorities include expanding insurance penetration beyond urban areas, enhancing service quality, and establishing uniform standards in solicitation and claims practices. IRDAI advised insurers to pass on GST relief benefits to policyholders.