A. This Master Circular is issued under Section 14 (2) (i) of the IRDA Act 1999 and Section 34 of the Insurance Act, 1938 and Regulation 7 of IRDAI (Insurance Products) Regulations 2024.
B. The Master Circular shall be reviewed every year unless review or repeal is warranted earlier.
C. The Returns referred to under this circular shall be submitted as per the provisions herein and the Master Circular on submission of returns.
D. All words and explanations used herein and not defined in this Master Circular but defined in the Insurance Act, 1938 (4 of 1938) or Insurance Regulatory and Development Authority Act, 1999 (41 of 1999) or Rules or Regulations made thereunder shall have the meanings respectively assigned to them in those Acts or Rules or Regulations.
E. In Order to remove any doubts or difficulties that may arise in the application or interpretation or any of the provisions of this Master Circular, the Competent Authority may issue appropriate clarifications, as and when deemed necessary.
This has approval of the Competent Authority.
