Penetration of Insurance Policies; IRDA to Come-Out With a New Policy Giving Automatic Clearance to Standard Life Insurance Products and Relax Investment Guidelines to Encourage Flow of Funds into Infrastructure Sector
Insurance companies, both life and non-life sector have initiated number of steps to increase insurance penetration across the country. These include, inter alia, opening of offices in hitherto un-covered towns, and introduction of new products.
For the purpose of canalising funds into infrastructure sector, the Insurance Regulatory &Development Authority (IRDA) has amended its Investment Regulations recently .
IRDA is likely to come-out with a new policy giving automatic clearance to standard life insurance products and relax investment guidelines to encourage flow of funds into infrastructure sector. IRDA has constituted Working Groups in consultation with the Life Insurance Council to set-out parameters and framework within which standard life insurance products can be automatically cleared. With regard to the relaxation of Investment Guidelines, the IRDA has amended its Investment Regulations. Salient features of these regulations are detailed below:-
This was stated by the Minister of State for Finance, Shri Namo Narian Meena in a written reply to a question in the Lok Sabha today.