These committees will help to speeden product approval process.
IRDA has taken a new initiative to reduce the product clearance time period. It is planning to form small product specific committees in IRDA which will look into product clearance. These committees will majorly look into product details for categories such as traditional plan, ULIP and try to resolve issues pertaining to these products between the regulator and insurer.
“This will help us to quicken product clearance process. The regulator has been thinking of introducing such committees for a long time,” said CEO of a small life insurance company.
The committee will consist of CEOs, actuaries and product heads of various life insurers and one member from Life Insurance Council.