The Insurance Regulatory and Development Authority (Irda) officials on Thursday said products sent for re-filing may now be approved in a week's time. Till date, the authority has cleared 50 products under the new regulatory regime for traditional products.
"We have put out all details on our website. If a product meets all guidelines, they will be cleared very fast. If not, it will be sent to be revised and hence will take a longer time," said a senior Irda official. The regulator would employ additional people to fast-clear the continuous flow of products re-filing, he added.
Earlier in February this year, Irda had notified changes in the traditional product guidelines, which include changes in the surrender charges, product structures and commissions paid to the agents.
As per new guidelines, products that do not comply to these norms will have to be re-filed. The deadline for re-filing group insurance products is July 1 and individual products is October 1.