IRDAI extends the time or withdrawal of existing products

Nov 29, 2019 | by Avantis RegTech Legal Research Team


The Insurance Regulatory and Development Authority of India (IRDAI) on November 28, 2019, issues Circular on extension of time or withdrawal of existing products vide- 

I. Circular IRDAI/ACT/CIR/MISC/125/07/2019 dated July 26, 2019 which is regarding the implementation of IRDAI (Non-Linked Insurance Products) Regulations, 2019 and IRDAI (Unit Linked Insurance Products) Regulations 2019 and;

II. Circular IRDAI/LIFE/CIR/MISC/173/09/2019 dated September 26, 2019 which is regarding Benefit Illustration and other market conduct aspects. 

Since the representations from Life Insurance Council and various life insurers requesting for extension of the timelines are received, the IRDAI has extended the time as follows: -

a. Regarding nonconformity of all the existing products with the IRDAI Product Regulations 2019, the time is extended from November 30, 2019 to January 31, 2020.

b. Regarding the Benefit Illustration and other market conduct aspects, the time is extended from December 1, 2019 to February 1, 2020.

The extension (a) and (b) above, doesn’t apply in the following cases:

1.    Products already approved under File & Use (F&U) under new regulations.

2.    Products filed under F&U and are in process as on today.

3.    Products already filed under Use and File as on today.

[IRDAI/Life/CIR/MISC/212/11/2019]


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