Laws and sections by number or title, due dates, pages, and updates.
The authority extends implementation timelines for existing product withdrawals and market conduct rules for all life insurers. Life insurers must file products in compliance with new regulations at the earliest. The extension does not apply to products already approved under File and Use under new regulations, products filed under File and Use and currently in process, or products already filed under Use and File. Insurers must apply the provisions from the date of product launch for those exceptions. The compliance date for clause 2.4.2 remains unchanged. The authority does not entertain further requests for extension.
What you must do
Key dates
Who is affected
Exceptions
Ask about this circular
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Ref: IRDAI/Life/CIR/MISC/ 2 1 2 /11/2019
28/11/2019
To
Chief Executive Officers/Principal Officers of All Life Insurers.
Re: Extension of time/withdrawal of existing products.
We refer to clause 2.4 of IRDAI/ACT/CIR/MISC/125/07/2019 Dt 26/7/2019 and clause 1 of IRDAI/LIFE/CIR/MISC/173/09/2019 Dt 26/09/2019 on the implementation of IRDAI (Non-Linked Insurance Products) Regulations, 2019 and IRDAI (Unit Linked Insurance Products) Regulations 2019 and Circular on (a) Benefit Illustration; and (b) other market conduct aspects, respectively.
Authority has received representations from Life Insurance Council and various life insurers requesting for extension of the timelines referred in the quoted circulars citing reasons of ensuring system preparedness and training of personnel required. On considering the same
The extension (a) and (b) above, doesn't apply in the following cases:
It may also be noted that in all the above cases, 1,2 and 3, the provisions of the referred circular on BI and suitability will apply from the date of their launch itself.
It is also clarified that for products falling under 2.2 of Circular Ref No IRDAI/ACT/CIR/MISC/125/07/2019 dated 26-07-2019, the provisions of circular Ref No IRDAI/LIFE/CIR/MISC/173/09/2019 dt 26/09/2019 will be applicable from 1.2.2020.
It is advised that all Life Insurers endeavor filing of products in compliance with new regulations at the earliest, without waiting for the last date available.
It is also clarified that no further requests for extension will be entertained. All other terms and conditions of the referred circulars remain same.
[Image omitted. See the official document.]
MEMBER (LIFE)
सर्वे नं. 115/1, फाइनेंशियल डिस्ट्रिक्ट, नानकरामगुडा, हैदराबाद-500 032, भारत Survey No. 115/1, Financial District, Nanakramguda, Hyderabad-500 032, India (न) : +91-40-2020 4000,फैक्स : +91-40-2020 4555 (:) : +91-40-2020 4000, Fax : +91-40-2020 4555 वेबसाइट : www.irdai.gov.in Website : www.irdai.gov.in
