India’s Insurance Regulatory and Development Authority has issued several new regulations that will have a significant impact on the country’s life insurance sector. Changes include new regulations for non-linked and linked insurance products, reinsurance of life insurance business, Appointed Actuaris, investments, scheme amalgamation and transfer of life insurance business, the standard proposal form for life insurance, and places of business, as well as amendments to existing rules for insurance brokers and the registration of insurance companies.
The issuance of the regulations comes as something of a surprise to the industry, and is likely to lead to the re-pricing and re-launching of existing product ranges.