The Insurance Regulatory and Development Authority of India is setting up committees to work out new regulations to flesh out recent changes to the age-old insurance regime, with the possibility of 'going live' by December.

The recently enacted Insurance Laws (Amendment) Act 2015 has changed the way insurance is brought, sold and created. It amends the Insurance Act 1938. A committee headed up by Mr SK Pujari has been set up to look again at actuarial valuation (and concomitant regulatory reporting processes) in the life insurance business. It will report on 22 August. It will propose amendments to the following, and may make any other suggestions it likes.

• IRDA (Assets, Liability and Solvency Margins) Regulations 2000.
• IRDA (Actuarial Report and Abstract) Regulations 2000.
• IRDA (Life Insurance-Reinsurance) Regulations 2013.
• Appointed Actuary Regulations for Life Insurance.
• Appointed Actuary's Annual Report.

There will also be new regulations to do with expense management and the rejection of claims.