IRDAI ties India's insurance executives' pay to performance metrics
Big changes for India's insurance industry: IRDAI now says top executives, like CEOs and directors, will have their remuneration packages, including incentives, linked to specified performance parameters.
This means their pay depends on things like how quickly claims are handled, how well complaints are solved, whether their products perform as promised, financial soundness, and the removal of dark patterns.
These new rules kick in right away under the updated Corporate Governance Regulations.
IRDAI mandates online transparency measures
Insurance companies have to be transparent about how they're doing.
Financial updates will be posted every quarter, while information on claims and complaints will go up monthly—all easily accessible online without needing your personal details.
IRDAI is also pushing boards to focus more on customer satisfaction and plans to boost government-promoted schemes like PMJJBY and PMSBY by improving governance.