Insurance Regulatory and Development Authority of India (Non-Linked Insurance Products) Regulations, 2019

Jul 15, 2019 | by Avantis RegTech Legal Research Team


The Insurance Regulatory and Development Authority of India (IRDAI) on July 08, 2019, has published the Insurance Regulatory and Development Authority of India (Non-Linked Insurance Products) Regulations, 2019.

These Regulations will be applicable to all the products offered by the life insurers under the non-linked platform.

Objective:

i)        To ensure that insurers follow prudent practices in designing and pricing of life insurance products and to protect the interests of the policyholders

ii)       To ensure sound and responsive management practices for effective oversight and adequate due diligence with regard to designing and pricing of life insurance products.

Further these Regulations includes, namely:

a.       Product Structures

b.      Minimum Death Benefit

c.       Policy Term, Premium Paying Term, Commission, Remuneration and Expenses

d.      Pension Products; Annuity Products; Group Products

e.      Surrender Value

f.        Miscellaneous Provisions

g.       With Profit Committee

h.      Market Value adjustment

i.         Procedure For Implementation and Other Provisions

These shall come into force on the date of their publication in the Official Gazette that is July 10, 2019.

[Notification F. No. IRDA/Reg/6/157/2019]


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