Scope and sanctity of various regulatory types


Hi all, Could anyone please clarify the differences among the following regulatory types that any regulator follows? Which one is used in which context and what is the sanctity of each one, meaning how is a company supposed to respond to both. Which one should be followed without any deviation, which one can be tweaked without diluting the spirit of it, and which one is optional to follow? 1. Act 2. Regulation 3. Guideline 4. Rule 5. Notification 6. Order 7. Notices 8. Standards 9. Policy 10. Practice notice 11. Circular

Various Insurance entities and thier activities are controlled by the IRAI and the stakeholders need to choose the best suited to them. Neverthless,' buyers beware' is applicable




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