The Insurance Regulatory and Development Authority of India (IRDAI) has made changes to the approval process for insurance products.What changes have been made by the IRDAI regarding the insurance product approval process?
The Insurance Regulatory and Development Authority of India (IRDAI) has expanded the scope of the existing 'use and file' procedure, allowing insurance companies to introduce Unit Linked Insurance Plans (ULIPs) and combi plans (combination of life and health insurance plans) without the need for prior approval from the regulator. Under the revised guidelines, insurers can launch products first and then fill the details with the regulator using the 'use and file' procedure. This procedure applies to health insurance products, life insurance products, and most general insurance products. The recent modifications include the inclusion of individual and group unit-linked life and health insurance products under para No.10.4 of Section B of Chapter I. Life insurers can now utilize and file these products under the revised procedure. Additionally, a new para 10.10 has been introduced, allowing the introduction of "combi products" where a life insurer acts as the lead insurer. Compliance with the norms set by IRDAI is mandatory for life insurers offering combi products. In an effort to streamline the product launch process, the regulator has eliminated the segregated fund identification number (SFIN) clearance process. This change reduces administrative obstacles for insurers, enabling smoother and faster product launches. However, life insurance companies must still adhere to other prudential and exposure norms outlined in the IRDAI (Investment) Regulations, 2016 for each ULIP segregated fund and overall AUM of ULIPs. Furthermore, IRDAI has allowed the addition of new unit-linked funds to existing products, expanding investment choices for customers and promoting incremental innovation in the industry.
Three numbers are in the ratio 4 : 9 : 13 and their LCM is 2340. Their HCF is:
The ratio of two numbers is 5:10 and their LCM is 100. The numbers are:
The LCM of two numbers is 40 times its HCF. If the product of the numbers is 1440, find their HCF.
The HCF of two numbers 110 and 1980 is:
LCM of two numbers is 56 times their HCF, with the sum of their HCF and LCM being 1710. If one of the two numbers is 240, then what is the other number?
LCM of 21 5 , 21 10 and 21 15 is?
(1). 21 5
(2). 21 15
(3).2130
If Ashish has 3 types of pens in a ratio 4 : 6 : 5 such that their LCM is 360, then find the sum of the highest and lowest number of pens that he has?
The LCM of the two numbers is 27 times their HCF, and the difference between the LCM and HCF is 416. If the numbers are in the ratio 4: 7, then find the...
In two alarm clocks, alarms sound at regular intervals of 90 seconds and 44 seconds. If they ring for the first time at 6:00 PM, when will they next r...
What should be the minimum number of chocolates so that when distributed among 3,4,5,6 and 7 children, 1,2,3,4 and 5 chocolates are left respectively?