The regulations are intended to ensure, among other things, that insurance is provided on equitable terms and conditions. The rights of policyholders to make informed choices regarding the selection of insurance products and service providers need to be respected and preserved. The regulations lay down various stipulations to be followed by insurance companies with regard to (i) point of sale (ii) proposal for insurance (iii) grievance redressal procedure (iv) matters to be stated in a life insurance policy (v) matters to be stated in a general insurance policy (vi) claims procedure in respect of a life insurance policy (vii) claims procedure in respect of a general insurance policy (viii) policyholders servicing and (ix) other general guidelines. The guidelines provides a transparent operations and declarations, time limits and penalty in case of failure/non-adhering to guidelines.