Irdai sets up panel to review linked, non-linked products

Insurance regulator Irdai today set up a panel to review linked and non-linked products of life insurance industry taking into account the changing economic and market environments.
Insurance Regulatory and Development Authority of India (Irdai) had notified the Linked Insurance Products and Non-Linked Insurance Products in 2013.
"It is observed that there is a need to review the above regulations taking into account the changing economic and market environments," the regulator said in a statement.
Also, the authority has been in receipt of several representations from life insurance companies to review and re-examine various provisions of the product regulations, it said.

Taking into consideration these factors, Irdai has constituted an eight-member panel headed by HDFC Standard Life CEO Amitabh Chaudhry which among other things will study probability of mis-selling and protection of policyholders' interest.
It will also examine insurance product flexibility and innovations while ensuring simplicity, transparency and better value for money to the policyholders especially in respect of products with significant savings element.
Besides, payment to intermediaries and innovative way of distributing insurance products and the recommendations of the Sumit Bose Committee Report will be looked into and suggest suitable amendments.
The committee will finalise and submit its report in two months before March 15.