The Insurance Regulatory and Development Authority of India (IRDAI) on December 12, 2023, issued the Draft Insurance Regulatory and Development Authority of India (Insurance Products) Regulations, 2023.
The following has been stated namely: -
• The following regulations will be repealed: -
1. IRDAI (Micro Insurance) Regulations, 2015
2. IRDAI (Minimum Limits for Annuities and Other benefits) Regulations, 2015
3. IRDAI (Acquisition of Surrender and Paid up values) Regulations, 2015
4. IRDAI (Health Insurance) Regulations, 2016
5. IRDAI (Unit Linked Insurance Products) Regulations, 2019
6. IRDAI (Non-Linked Insurance Products) Regulations, 2019
• The objective of the draft is to facilitate insurers to respond faster to the emerging market needs, to promote ease of doing business, to improve insurance penetration, to protect the policyholders interest by enabling insurers to adopt good governance while designing and pricing the products.
• All the stakeholders are requested to forward their comments/suggestions, if any, on the proposed regulations (Annexure-A) in the attached format (Annexure- B) on or before 5:00 PM on January 03, 2023, to [email protected] with a copy to [email protected] and [email protected].
[Notification No. IRDAI/ACTL/Product_Regulation/2023-24]
