The Insurance Regulatory & Development Authority of India (IRDAI) has announced a set of new regulations to enhance the regulatory framework for the insurance industry.

In its meeting held on March 19, IRDAI approved eight principle-based consolidated regulations.

These regulations focus on safeguarding policyholders’ interests, rural and social sector responsibilities, electronic insurance marketplace, foreign reinsurance branches, and aspects of registration, actuarial, finance, investment, and corporate governance, the regulator said in a press release.

The regulator has approved insurance products regulations to promote “good governance in product design and pricing, including strengthening of the principles governing guaranteed surrender value and special surrender value along with disclosures thereof.”