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IRDA gets ready for product refiling process

Till now, IRDA has cleared 50 products under the new regulatory regime for traditional products

June 18, 2013 1:29 IST | India Infoline News Service
The Insurance Regulatory and Development Authority (IRDA) on Thursday said that products sent for re-filing which are compliant with the new guidelines would be cleared in a week’s time, according to a media report.

Till now, IRDA has cleared 50 products under the new regulatory regime for traditional products, the report added.

The regulator had notified changes in the traditional product guidelines in February 2013. This include changes in the surrender charges, product structures and commissions paid to the agents.

Products that do not conform to the new norms will have to be re-filed. The deadline for re-filing group insurance products is July 1 and individual products is October 1.

According to IRDA norms, current products of life insurers cannot be sold to customers after October1, if they are not in tandem with the regulatory changes.

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