Insurers to reveal number of insurance claims pending and disposed of, says IRDAI circular

The Insurance Regulatory and Development Authority of India (IRDAI) has issued a master circular on corporate governance for insurers, effective immediately but with compliance required by June 30, 2024. The circular mandates various disclosure requirements for insurance companies, including commission and expense ratios, solvency margin details, persistence ratio for life insurers, financial performance indicators, risk management architecture description, claims details, pecuniary relationships of non-executive directors, and remuneration packages of key personnel. \r

Additionally, it sets criteria for directors' fitness and propriety, specifying a maximum age limit of 75 for non-executive directors and allowing independent directors to serve for up to five consecutive years, with reappointment subject to special resolution. Independent directors cannot hold office for more than two consecutive terms, and the positions of MD, CEO, or Whole-time Director cannot be held by the same person for longer than 15 years.