IRDA plans revamp of various insurance norms

You can expect fair amount of continued regulatory activity in the Indian insurance sector, he said.

Addressing the Global Insurance Summit organised by ASSOCHAM here on Tuesday,he said a new draft in which pension products dont guarantee any return has been sent to the Life Insurance Council for their suggestions and final guidelines will be announced soon. However,he cautioned that the existing system where state owned Life Insurance CorporationLIC is almost the only player to pay annuities of pension products is a risky one. I want more players to enter in to annuity business, he said.

On highest NAV guaranteed insurance products,he said IRDA is examining these products to ensure that there is no miscommunication. We often get confused what the highest NAV product is. They may be excellent products. But at the same time,they also may lack of clarity, he said.