IRDA norms on the anvil

Jun 22, 2010 - Age Correspondent |

New Delhi

The insurance regulator IRDA is planning to come out with new norms for unit-linked insurance products (Ulips) after the government decided that the Insurance Regula-tory and Development Authority (IRDA) would have jurisdiction over Ulips.

According to sources in the finance ministry the IRDA is ready with the norms which could be issued in June itself.
Already from July 1, the lock-in period for Ulips will be increased from three years to five years.
The IRDA’s norms are likely to revolve around rectifying the ills that Sebi had pointed out in Ulips.
These could include the issue of huge commissions needing to be capped or done away with, which could bring in more transparency in selling to curb the present misselling of the product.

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