IRDA REDUCES WAITING TIME FOR LIFE RISK INSURERS

The Insurance Regulatory Development Authority (IRDA) has shortened the waiting period for life insurance companies for offering products. As per the existing procedure, after filing of the products, life insurers can use the product only if they do not hear anything from the IRDA within 30 days from the date of receipt of application. In view of the difficulties faced by insurers, IRDA has decided to reduce the waiting period to 15 days with respect to the filings. This means that if insurers do not hear from IRDA within 15 days from the date of receipt of application, insurers can offer sale of such products.