The Insurance Regulatory and Development Authority of India (IRDAI) has constituted a committee to review life insurance product regulations.
The regulator order said, "It is observed that there is a need to review the above Regulations taking into account the changing economic and market environments. Also, the Authority has been in receipt of several representations from the life insurance companies to review and re-examine various provisions of the product regulations."
Amitabh Chaudhry, Chief Executive officer, HDFC Standard Life Insurance Company, has been appointed as chairman of the eight-member panel.
The members of the committee include K S Gopalakrishnan, CEO, Aegon Religare Life Insurance, Sai Srinivas, Appointed Actuary, Bajaj Allianz Life Insurance and Sandeep Bakshi, CEO, ICICI Prudential Life.
The committee will review the existing framework of IRDA-linked and non-linked insurance product regulations besides other key aspects such as changing economic and insurance market environment, customers' needs and expectations and insurance product flexibility and innovations.
It should submit its report to the regulator on or before March 15, 2017, according to a notification issued by IRDAI.