IRDA CORPORATE GOVERNANCE NORMS

Insurance Regulatory and Development Authority (IRDA) has issued the final guidelines on corporate governance for the insurance sector, focusing on key areas such as control functions, board of directors, governance structure and disclosures. According to IRDA guidelines on disclosure
requirements, insurers should provide quantitative and qualitative information on their financial and operating ratios, namely, incurred claim, commission and expenses ratios. The disclosure should have actual solvency margin vis-à-vis the required margin, policy lapse ratio by the life insurers and any other matters.