Main Content
हिंदी 
Accessibility Options
Zoom the page
Increase Text 
Decrease Text
Grey scale
High Contrast
Low contrast
Light background
Link's underline
Readable font
Reset Document Detail
Title: Exposure Draft
Reference No.: 16/CAD/PPI/PPP/10-11
Date: 16/04/2012
Regulations for Standard Proposal form in Life Insurance
ALL STAKEHOLDERS
Re: Regulations for Standard Proposal form in Life Insurance
This is in continuation of the consultation process involving a Discussion Paper dated 18th June, 2010 regarding prescribing standards for Needs Analysis in Life Insurance and the Exposure Draft dated 31.01.12 on Guidelines on Prospect Product Matrix as a process of assessing Needs Analysis.
Feedback received from various stakeholders to the exposure draft on Guidelines on Prospect Product Matrix has been examined. The Authority now proposes regulations relating to prescription of a standard proposal form for individual policies in life insurance that shall have a section on Needs Analysis.
While not being prescriptive about any particular matrix or model, the regulations envisage requiring insurers to have in place a process and system to assess the Needs Analysis carried out for each and every proposal received and the soundness of a Recommendation about a particular product being made.
Feedback on the draft regulations may be sent to ypriyab at irda dot gov dot in on or before 15th May, 2012.
J. HARI NARAYAN
CHAIRMAN
Encl:
(1). DRAFT REGULATIONS FOR STANDARD PROPOSAL FORM FOR LIFE INSURANCE
(2). PROPOSAL FORM
