Irdai brings draft rules for general insurers on product design, pricing

The Insurance Regulatory and Development Authority of India (Irdai) on Monday came out with draft guidelines that aim to provide a framework that the insurers need to follow with respect to product design and pricing. The regulator has asked all stakeholders to give their views on the draft guidelines before April 26.

“Guidelines for product filing have been in vogue since 2000 and have been revised from time to time. It has been felt necessary to have regulations governing general insurance products, even while having a provision thereunder for issuance of guidelines for various segments as may be necessary”, the