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The Insurance Regulatory and Development Authority of India extends the date for the continuance of existing micro insurance products. All life insurance companies can continue existing micro insurance products that do not comply with the new regulations until 31 March 2016. The Authority grants this extension to ensure the adequate availability of micro insurance products for the low income group segment.
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INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
CIRCULAR
Ref: IRDA/LIFE/CIR/MINI 225/12/2015
December 23, 2015
The Chairman/CEOs
of all Life Insurance Companies
Re: Extension of date for continuance of existing Micro Insurance Products
The Authority hereby draws attention to Regulation VI under Schedule III of Insurance Regulatory and Development Authority of India (Micro Insurance) Regulations, 2015; wherein it is mandated that "All the existing Micro Insurance Products that are not in compliance to these regulations shall be withdrawn with effect from 1st January, 2016."
It is observed that since the date of notification only a few products have been filed by the insurance companies till date. Hence to ensure availability of the Micro Insurance (MI) products adequately in the interest of the segment of low income group, the Authority extends the date for continuance of existing MI products till 31.03.2016.
This Circular is issued by the Authority under the powers vested in Regulation 18 of Insurance Regulatory and Development Authority of India (Micro Insurance) Regulations, 2015.
[Image omitted. See the official document.]
Member (Life)
परिश्रम भवन, तीसरा तल, बशीरबाग, हैदराबाद-500 004. भारत
തീ: 91-040-2338 1100, फैक्स: 91-040-6682 3334
ई-मेल: irda@irda.gov.in वेब: www.irda.gov.in
Parisharam Bhavan, 3rd Floor, Basheer Bagh, Hyderabad-500 004. India.
Ph.: 91-040-2338 1100, Fax: 91-040-6682 3334
E-mail: irda@irda.gov.in Web.: www.irda.gov.in
