Over-the-counter (OTC) products might soon become a reality in the insurance sector. Sources said the regulator is giving final touches to rules in this regard which could be issued in the next few weeks. Once done, insurance companies will be able to sell simple products without lengthy forms or documentation.
Presently, a product is first designed, priced and then sent to the regulatory body for approval. Once satisfied with the broad contours, the regulator approves.
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