Issued after insurer feedback, the guidance requires appointed actuaries to report to boards and insurers to run validation throughout the first year of adoption.
The revamped panel includes new members composed of executives of industry bodies, economists, policymakers, and financial experts, leaders and personalities from major Indian institutions.
The regulator advised insurers that sustained reductions in complaints would be critical as the industry seeks to grow while maintaining consumer trust.
The regulator also highlighted the need for deeper organisational alignment, noting that robust internal systems and clearer procedures are essential for protecting policyholders.
