The Insurance Regulatory and Development Authority of India (IRDAI) has proposed a new framework for regulation-making that incorporates public consultations to improve transparency, efficiency, and governance in the insurance sector. The initiative aims to involve stakeholders, including insurers, intermediaries, and policyholders, in providing feedback on draft regulations before finalization.
The framework outlines mechanisms for public participation, structured feedback collection, and streamlined processes for issuing regulations. IRDAI seeks to ensure that regulatory changes are informed by industry insights and are aligned with sectoral and consumer interests.
Experts note that formalizing public consultation in regulation-making will enhance accountability, improve policy effectiveness, and foster trust between regulators and market participants, ultimately supporting sustainable growth and innovation in India’s insurance industry.
For more structured learning, please visit our website Smart Online Course, where we offer multiple courses to help you deepen your understanding of risk management.
#Insurancenews
