New Delhi, May 26 (IANS) Insurance Regulatory and Development Authority of India (IRDAI) has tightened rules on top executive remuneration, linking their bonuses and incentives to measurable customer outcomes, financial health and transparency disclosures. IRDAI said remuneration of Key Management Personnel (KMPs) including chief executives must be aligned with defined performance parameters such as claims settlement speed, grievance redressal and product performance.Cost efficiency, policy rete…
Latest Insurance Act 1938 News & Updates
New Delhi, Dec 29 (IANS) The Insurance Regulatory and Development Authority of India (IRDAI) has imposed a penalty of Rs 1 crore on Reliance General Insurance Company for violating several regulatory norms related to insurance intermediaries, outsourcing of activities and corporate governance.The action comes after a remote inspection carried out by Insurance Regulatory and Development Authority of India between December 27 and December 31, 2021.Based on the findings of this inspection, the regu…