According to media reports, IRDA
has urged for revision in the tax reforms proposed in the budget, in order to make insurance accessible for middle-aged and senior citizens.
It had also proposed a joint commission comprising the Finance Minister as Chairperson and RBI Governor as Vice Chairman, Secretary in the Department of Economic Affairs, Secretary (Financial Services) and the heads of stock market, insurance, banking and pension fund regulators - SEBI, IRDA
, RBI and PFRDA - as members.
award follows six months of rigorous technical and commercial benchmarking.
has issued IRDA
Regulations 2002 (Obligations of Insurers to Rural and Social Sectors), in which every life insurer will have to meet the standards towards its compulsions (percentage of policies on the total number of policies written direct in that year) covering both rural and social sector.
Chairman J Hari Narayan's order stated that, .
According to the IRDA
circular, all regular premium/ limited premium Ulips shall have uniform paying premiums.
On Tuesday IRDA
had cancelled the licenses of 4,261 corporate agents after they failed to renew their licenses in time.
No surrender charge can be levied by an insurer for policies surrendered from the fifth policy year and thereafter the policyholder will be entitled to receive the full fund value on such surrender," IRDA
said in a circular sent to CEOs of all life insurance companies.
Indian insurance regulator, IRDA
, is evaluating the bancassurance model of insurance sales after it received complaints about banks miss-selling insurance policies.