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Tuesday, April 2, 2013

IRDA asks life insurers to submit product planners by month-end

Life insurers will now have to submit their plans for launch of new products to the insurance regulator.

The Insurance Regulatory and Development Authority (IRDA) has directed all life insurance companies to submit a product planner 45 days before the beginning of every financial year.

For the current financial year, the product planners should be submitted before this month end.

The objective of the move is to speed up the product-approval process as there is a “huge” number of applications for new products, T. S. Vijayan, Chairman, IRDA, said in a circular issued on Monday.

“In order to expedite the product-approval process, the authority requires certain information from the insurers to plan for resources available,” he said.

As of now, the IRDA is seeking additional information, if required, from the insurers within 30 days of receipt of an application for product approval under ‘file and use’ procedures.

Source: thehindubusinessline


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