05-04-2023-IRDAI Clarifications-EoM of insurers transacting Life Insurance Business Regulations 2023

IRDAI vides its circular no-IRDAI/F&I/CIR/EOM/84/4/2023 dated April 05, 2023, had issued following clarifications on IRDA (Expenses of Management of insurers transacting Life Insurance Business) Regulations 2023: –

• The following clarifications is issued under Regulation 19 of the said Regulations: –
• Sl.No.1 (ii)(a) of Part A of Schedule I of Regulation 10
• The text “First year Regular Premium” shall be read as “In respect of policies with premium payment term 10 years and above ” .
• Sl.No.11 (i) of Part A of Schedule I of Regulation 10
• The % (one-fiftieth of one percent) of allowable expenses of management mentioned at 4(10) of Part-II of the regulation prevails. Thus, 0.05 shall be read as 0.02 .

This has the approval of the competent Authority.

Source category: IRDAI

Attachments

• /2023/184_IRDAI_(Expenses_of_Management_of_insurers_transacting_Life_Insurance_business)_Regulations_2023_-_Cl