'Extend deadline for new guideline'

The Life Insurance Council has asked the insurance regulator for an extension in the deadline for implementation of the new traditional product guideline. From October 1, life insurers cannot sell products that do not conform to the new product guidelines for traditional products.

V Manickam, secretary general, Life Insurance Council, said after representation from the life insurers, they have proposed an extension of the October 1 deadline. He added they expected a positive outcome from the Insurance Regulatory and Development Authority (Irda).

Meanwhile, Irda officials said they were not looking to give any further extensions to enter the new product regime, since most life insurance companies have filed adequate products for re-filing.