New norms will hasten insurance product approval: IRDA
By Neelima Shankar
Jan 11, 2013
Print    Email    RSS   

The new traditional product guidelines are expected in the next few days and the new norms will expedite the process of product approvals quicker.

According to Mr. J Hari Narayan, Chairman of Insurance Regulatory and Development Authority (IRDA), approvals would speed up, since the product structures would be clearly defined by the new regulations.

The IRDA board have finalized and approved the guidelines. The guidelines are expected to be published in the gazette within a week. The insurance product guidelines have proposed some changes in the product structure, including the surrender charges and commission rates; this would make traditional products more transparent.

The guidelines for traditional products of life insurance will have a deadline of April 1 for re-filing of group products, and for re-filing other traditional products the deadline would be July 1st, 2013.

The recent draft on traditional product norms said that the policy holders would get back 50 per cent of their premiums, if a policy is active for three years.


(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

Kinds of auto insurance coverage
Tips to reduce Auto Insurance Premium
Factors affecting car insurance premium
All about Vintage/Classic car insurance in...
An insight into two wheeler insurance

Prázdne karty ATM Viete, že môžete zaseknúť...
ii need my bank balance
I want view my sbi credit card statement. its how i...
Sakeela.CaℒL Giℛℒs In Kharar 0985566O911...
HOTEL: CaℒL Giℛℒs In Kharar 09855660911...
how to download my account details

New endowment plan launched by PNB met life Feb 18, 2015
Yes bank bagged High performance award 2014. Feb 13, 2015
Banks may strike at February end Feb 4, 2015
Reliance industries to enter in to banking in association with the SBI Feb 3, 2015
OBC bank reported a drop down in its net profit Jan 30, 2015
News Archive