IRDA/ACT/PR/PRD/088/12/2009
Life Insurance Products clearance position as on 23 rd December 2009
Consequent to our circular on ‘cap on charges’, life insurers have been asked to modify the existing products, which do not satisfy the contents of the above mentioned circular. We have asked insurance companies to submit the revised ‘File & Use’ applications on or before 1 st December, 2009. Please note that all products which are sold in the market on or after 1 st January, 2010 must comply with the features indicated in the above mentioned circular.
We have received around 230 ‘File & Use’ applications including riders. As on the close of business of 23 rd December, 2009, 186 products including riders were cleared and 17 products will be processed in the next 2 days. 27 products are with the insurers for their replies to the queries which we raised.
We have also received 14 products after 1 st December, 2009 and it is our endeavor to clear all the products on or before 31 st December, 2009 so long as the products satisfy the norms.
Sd/-
(R. Kannan)
No comments:
Post a Comment