A close-up of a highly stylized compass face. The compass needle has a blue arrowhead point and is pointed upwards to the word "insurance," which is printed in blue letters. To the left and right of the word "insurance" is the word "risk" printed three times in gray letters.
| Photo Credit:
olm26250
The Insurance Regulatory and Development Authority of India (IRDAI) has directed insurers to link remuneration packages of MDs, CEOs and other senior management to customer-centric outcomes and overall financial health of the company.In a circular on remuneration to key management persons (KMPs), the regulator has outlined the ‘parameters forming the basis of remuneration package (including incentives) of key managerial personnel which include to customer-centric outcomes such as claim responsiveness and grievance redressal.Other parametersThe other key parameters are financial soundness, products’ performance, claim responsiveness, timely grievance redressal and removal of dark patterns from websites of insurers and their distributors.The IRDAI (Corporate Governance for Insurers) Regulations, 2024 have also been amended to give effect to the new guidelines immediately.
Ajay Seth, Chairman, IRDAI
