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Insurance regulator IRDAI has notified consolidated comprehensive regulation on Expenses of Management (EOM) of insurance companies.
The newly notified regulation also covers payment of commissions to intermediaries.
IRDAI had on November 14 last year released an exposure draft EOM Regulations 2023.
The latest regulation has also prescribed a reporting format for insurance companies as regards expenses of management and payment of commission.
Under the new consolidated regulation, in case of an insurer having actual expenses of management more than the allowable expenses of management for FY2023-24, the IRDAI can having regard to the business model of the insurer, grant forbearance subject to confirmation by the Board that it would bring its actual expenses within allowable limits within a period of two years. I.e by end of FY’2025-26.
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