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IRDA defers Standard Proposal Form norms

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January 31, 2014 8:58 IST | India Infoline News Service
The Insurance Regulatory and Development Authority (IRDA) on Thursday has deferred implementation of various provisions in its Standard Proposal Form for Life Insurance. These were to have taken effect from April 1.

The implementation of obligations under Section 5,6,7,8,9&10 of IRDA (Standard Proposal form for Life Insurance) Regulations,2013 are deferred until further notice to facilitate a more comprehensive debate and consultations on various provisions, IRDA said in a notification.

IRDA clarified these regulations did not apply to micro insurance products and those distributed through the Common Service Centre channel.


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