INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
Circular No. IRDAUF&I/CIR/E0M/84/4/2023 Date: 05th April 2023
Reg.: IRDAI (Expenses of Management of insurers transacting Life Insurance business) Regulations 2023 – Clarifications.
1. The following clarification is issued under Regulation 19 of the said Regulations:
SI.No.1(ii)(a) of Part A of Schedule I of Regulation 10
i) The text “First year Regular Premium” shall be read as “In respect of policies with premium payment term 10 years and above”.
SI.No.11(i) of Part A of Schedule — I of Regulation 10
ii) The % (one-fiftieth of one percent) of allowable expenses of management mentioned at 4(10) of Part — II of the regulation prevails. Thus, 0.05 shall be read as 0.02.
2. This has the approval of the competent Authority.
(Ammu Venkata Ramana)
General Manager (F&I)
