Life insurers to submit product planners by month-end: IRDA

India Infoline News Service | Mumbai |

IRDA has directed all life insurers to submit a product planner 45 days before the beginning of every financial year

Life insurance companies will now have to submit their plans for launch of new products to IRDA (Insurance Regulatory and Development Authority).

The insurance regulator has directed all life insurers to submit a product planner 45 days before the beginning of every financial year.

Every insurer shall file a Product Planner… with the Authority, at least 45 days before the beginning of the each financial year i.e. before 15th of February every year, IRDA chairman TS Vijayan said in a notification on 25th March.

From the next financial year if the products proposed to be filed in a financial year exceed five, the insurer shall furnish the supporting market research, product-wise persistency for 13th month, for 25th month and 37th month as on 30th April of the previous year, Mr Vijayan added.

For the current fiscal, the product planners should be submitted before this month end.

The Product Planner for the year 2013-14 shall be submitted by the insurers on or before April 30, 2013 and for the subsequent years it shall be filed on or before 15th of February every year, the notification further said.

At present, the IRDA is seeking additional information, if required, from the insurers within 30 days of receipt of an application for product approval under ‘file and use’ procedures.




 

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