Lok Sabha Question No. 564 (UNSTARRED), answered on 2016-02-26
Subject: LIC Norms
Ministry: FINANCE
Asked by: NEELAM SONKER

## F. No.H-12016/01/2016-Ins.I Government of India Ministry of Finance Department of Financial Services Insurance-1 Section *****

Subject: - Lok Sabha Unstarred Question No. †564 admitted for 26 th February 2016 raised by Shrimati Neelam Sonker regarding LIC Norms.

Shrimati  Neelam  Sonker,  Hon'ble  Member  of  Parliament  (LS)  has  raised  a Question regarding 'LIC Norms'.  The text of the Question is reproduced below:-

- (a) whether the Government has fixed any new norms to make life insurance products accessible and customer friendly;
- (b) if so, the details thereof;
- (c) whether any time schedule has been fixed for compliance of these new norms; and
- (d) if so, the details thereof?
2. Based  on  the  information  received  from  LIC  and  IRDA,  a  draft  reply  to  the Question has been attempted and placed below for consideration/approval please.

(S K Mohanty) US Ins.I

## Government of India Ministry of Finance Department of Financial Services Lok Sabha Unstarred Question No. †564

To be answered on Friday, February 26, 2016/Phalguna 7, 1937 (Saka)

LIC Norms

| Question †564. Shrimati Neelam Sonker: Will the Minister of FINANCE be pleased to state: (a) whether the Government has fixed any new norms to make life insurance products accessible and customer friendly; (b) if so, the details thereof; (c) whether any time schedule has been fixed for compliance of these new norms; and (d) if so, the details thereof?   | Answer To be answered by Minister of State in the Ministry of (Shri Jayant Sinha) (a) to (d): Insurance Regulatory and Authority of India (IRDAI) has issued the fo regulations for streamlining and simplifyin and procedure related to life insurance produc 1. IRDA (Linked Insurance Product) 2013 dated 16 th February 2013. individual linked life insurance produ become compliant or withdrawn by 1 st which was later extended up to 1 st Janua 2. IRDA (Non-Linked Insurance Product) 2013 dated 16 th February 2013. individual Non-linked life insurance pr to become compliant or withdrawn by 2013 which was later extended up to 2014. 3. IRDAI (Health Insurance) Regulations, 16 th February 2013. All existing indiv insurance products were to become c withdrawn by 1 st October 2013. 4. IRDAI (Micro Insurance Regulations) 13 th March 2015. All Micro Insuran were to become compliant with new n   |
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## Government of India Ministry of Finance Department of Financial Services Lok Sabha Unstarred Question No. †564

To be answered on Friday, February 26, 2016/Phalguna 7, 1937 (Saka)

## LIC Norms

†564. Shrimati Neelam Sonker:

Will the Minister of FINANCE be pleased to state:

- (a) whether  the  Government  has  fixed  any  new  norms  to  make  life  insurance  products accessible and customer friendly;
- (b) if so, the details thereof;
- (c) whether any time schedule has been fixed for compliance of these new norms; and
- (d) if so, the details thereof?

## Answer

## Minister of State in the Ministry of Finance (Shri Jayant Sinha)

- (a) to  (d):  Insurance  Regulatory  and  Development  Authority  of  India  (IRDAI)  has  issued  the following new regulations for streamlining and simplifying the design and procedure related to life insurance products:
1. IRDA  (Linked  Insurance  Product)  Regulations,  2013  dated  16 th   February  2013. All existing individual linked life insurance products were to become compliant or withdrawn by 1 st  October 2013 which was later extended up to 1 st  January 2014.
2. IRDA (Non-Linked Insurance Product) Regulations 2013 dated 16 th  February 2013.   All existing  individual  Non-linked  life  insurance  products  were  to  become  compliant  or withdrawn by 1 st  October 2013 which was later extended up to 1 st  January 2014.
3. IRDAI  (Health  Insurance)  Regulations,  2013  dated  16 th   February  2013.  All  existing individual  health  insurance  products  were  to  become  compliant  or  withdrawn  by  1 st October 2013.
4. IRDAI (Micro Insurance Regulations) 2015 dated 13 th  March 2015.  All Micro Insurance Products were to become compliant with new norms by 31 st  December 2015 which has now been extended upto 31 st  March, 2016.

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