New disclosure rules for insurers

The Indian Insurance Regulatory and Development Authority (IRDA) has come out with a wide range of fairly stringent disclosure rules that new players, including foreign firms entering the Indian market, will have to abide by. The new rules are a product of extensive research by IRDA into regulatory mechanisms followed in different countries and of the authority’s consultations with regulators in developed markets, including the UK and the US, over the past two years.