Lovina Ropia

Unified Payments Interface (“UPI”) has been a game-changer in the payments landscape and clearly India has been at the helm of it. The innovation head start is now taking another leap to secure its vantage position by bringing in the concept of “UPI Circle” — a new initiative aimed at enabling delegated payments.

The Insurance Regulatory and Development Authority of India (IRDAI) has recently notified the IRDAI (Corporate Governance for Insurers) Regulations, 2024 (Regulations) on 20 March 2024. The Regulations provide a streamlined framework for insurers to adopt for their governance structure, and specifically define the roles and responsibilities of the board of directors (Board) and management of the insurers.

An Insurance Policy is a contract of indemnity which details the terms and conditions of the contract of insurance. All insurance policies have their own standard terms and conditions and are subject to the ‘Coverage’ and the ‘Exclusion’ provided therein. As the word suggests, ‘Coverage’ means what risk is covered under the Policy. ‘Exclusions’ are exceptions to the coverage under the policy, provisions that are not covered by the contract of insurance.