Page 49 - Insurance Times December 2019

Circular

IRDAI Circular

Extension of time/withdrawal of existing It is also clarified that for products falling under 2.2 of
Circular Ref No IRDAI/ACT/CIR/MISC/125/07/2019 dated 26-
products 07-2019, the provisions of circular Ref No IRDAI/LIFE/CIR/
Ref: IRDAI/Life/CIR/MISC/212/11/2019 MISC/173/09/2019 dt 26/09/2019 will be applicable from
28/11/2019 1.2.2020.
It is advised that all Life Insurers endeavor filing of products
We refer to clause 2.4 of IRDAI/ACT/CIR/MISC/125/07/2019
Dt 26/7/2019 and clause 1 of IRDAI/LIFE/CIR/MISC/173/09/ in compliance with new regulations at the earliest, without
2019 Dt 26/09/2019 on the implementation of IRDAI (Non- waiting for the last date available.
Linked Insurance Products) Regulations, 2019 and IRDAI It is also clarified that no further requests for extension will
(Unit Linked Insurance Products) Regulations 2019 and be entertained. All other terms and conditions of the
Circular on (a) Benefit Illustration; and (b) other market referred circulars remain same.
conduct aspects, respectively.
MEMBER (LIFE)
Authority has received representations from Life Insurance
Council and various life insurers requesting for extension Suggestions for a name to the “Standard
of the timelines referred in the quoted circulars citing
reasons of ensuring system preparedness and training of Individual Health Product”
personnel required. On considering the same Ref. No:351 (1)/IRDAI/HLT/SHP/2019-20
(a) It has been decided to modify the date as mentioned
under the clause 2.4 of Circular Ref No IRDAI/ACT/CIR/ Date:27-11-2019
MISC/125/07/2019 dated 26/7/2019 as 31.1.2020. The Indian health insurance market is having a number of
(b) Further, the clause 1 of IRDAI/LIFE/CIR/MISC/173/09/ individual health insurance products. Each product has its
2019 Dt 26/09/2019 has been modified to read as own benefit feature and corresponding terms and
effective from 1.2.2020. conditions. With the objective to facilitate the public to
(c) Compliance date as mentioned under Clause 2.4.2 of choose a suitable health insurance policy which provides
Circular Ref No IRDAI/ACT/CIR/MISC/125/07/2019 dated coverage to basic hospitalization related expenses, IRDAI
26-07-2019 shall remain unaltered as 29th February 2020. proposes to mandate all general and health insurers to offer
a standard indemnity based health insurance product with
The extension (a) and (b) above, doesn’t apply in the a sum insured ranging from Rs 1,00,000 to Rs 5,00,000 on
following cases: individual as well as family floater basis. The only
1. Products already approved under File & Use under new differential would be the premium rates that are charged
regulations. by various insurers. For further details, draft Guidelines on
2. Products filed under F&U and are in process as on Standard Health Product which published on website of the
today. Authority on 19th Feb, 2019 may be referred to.
3. Products already filed under Use and File as on today.
In the above background, it is considered important to have
It may also be noted that in all the above cases, 1,2 and 3, a simple and catchy name to the proposed standard health
product which would appeal through-out the country.
the provisions of the referred circular on BI and suitability
will apply from the date of their launch itself. Suggestions are invited from the public for a suitable name

The Insurance Times, December 2019 49