Insurance Regulatory and Development Authority of India (Unit 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 (Unit Linked Insurance Products) Regulations, 2019.

These Regulations will be applicable to all Unit Linked insurance products offered by life insurers.

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)      Unit Linked Insurance Products

b)      Benefits Payable on Death, Benefits payable under Health cover and Guarantees

c)       Policy Term and Premium Paying Term

d)      Commission, Remuneration and Expenses

e)      Discontinuance Terms

f)       Surrender Value, Top-up Premium, Partial Withdrawals and Settlement Options

g)      Pension Products

h)      Charges & Reduction in Yield for all Unit Linked insurance products

i)        Group Unit Linked insurance products

j)        Computation of Net Asset Value (NAV) for Unit Linked insurance products

k)      Administration of Unit Linked Insurance Products

l)        Miscellaneous Provisions; Allocation and Redemption of Units; Procedure for Implementation and Other provisions

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

[Notification F. No. IRDA/Reg/7/158/2019]


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