The insurance industry may be in for another round of revision in product regulations as the Insurance Regulatory Authority of India (IRDAI) firms up plans to review product structures and benefits every 3-5 years. The move comes amid the need to adapt to changing market needs.
IRDAI has constituted an insurance advisory committee consisting of members from the life insurance industry, general insurance industry and intermediaries. People privy to the developments say that the idea was to look at the entire product structure in the insurance space and look at the changes that can be made in the structures and product features taking into account the market segment and their specific needs.
