1. The extant Insurance Regulatory and Development Authority of India (Expenses of Management, including Commission of Insurers) Regulations, 2024 were notified on 23rd January, 2024. In order to supplement the regulations, this Master Circular is issued under section 34 of the Insurance Act, 1938, section 14 of the IRDA Act, 1999 and Regulation 23 of the Insurance Regulatory and Development Authority of India (Expenses of Management, including Commission, of Insurers) Regulations, 2024.
2. The title of this Master Circular shall be “Master Circular on Expenses of Management, including Commission, of Insurers, 2024”.
3. This Master Circular is applicable to life, general and health insurers. This Master Circular shall come into force from the date of issuance.
This has approval of the Competent Authority.
