Thursday, 2 February 2017
The Insurance Regulatory and Development Authority of India has published for comment a Stewardship Code for Insurers. The Code contains several principles, the purpose of which (to quote the IRDA) is to "strengthen the role of insurers as stewards on behalf of the policyholders". For further information, and a link to the Code, see here. Like many (if not all) of the Stewardship Codes that have been developed in recent years, the emphasis is on the disclosure of information. Under the proposed Code, insurers' boards are required to approve a policy based upon the Code's principles.