The Insurance Regulatory and Development Authority of India issued orders against Edelweiss Life Insurance Co. Limited and Pramerica Life Insurance Limited for exceeding permissible Expenses of Management limits under the 2024 regulations. Both insurers were warned and prohibited from opening any new place of business for six months from the date of the respective order. The action followed off-site monitoring, examination of the insurers’ submissions and enforcement proceedings. Expenses of Management cover operational and distribution costs and are subject to limits intended to promote prudent cost management. Each insurer must place the order before its board at its next meeting and submit the meeting minutes to the authority within the stipulated period.
2026-08-21Insurance Regulatory and Development Authority of India
Insurance Regulatory and Development Authority of India bars two life insurers from opening new places of business for six months over expense limit breaches
The Insurance Regulatory and Development Authority of India warned Edelweiss Life and Pramerica Life for breaching Expenses of Management limits. Both insurers are barred from opening new places of business for six months and must present the orders to their boards and submit the meeting minutes to the authority.