The regulatory outlook for the insurance industry has witnessed a welcome change. Insurance, as a principle, works on trust, and therefore transparency is of utmost importance. This can be seen in form of the recent measures that have made the insurance ecosystem more transparent, enabling and frictionless. Among the many norms that have introduced clarity and accessibility into the sector, the most recent is the change in KYC compliance norms for general insurance policies from January 1, 2023, onwards.
