The Insurance Regulatory and Development Authority (IRDA) on Friday extended the deadline for implementation of new norms for group products of traditional life insurance.
All the existing group and individual products not in conformity with the new regulations shall be withdrawn from August 1, 2013, and October 1, 2013, respectively, T. S. Vijayan, Chairman, IRDA said in a circular.
As per the earlier notification, all existing group products had to be aligned with the new rules before June 30, while individual products had time till September-end.
The deadline for group products was extended in response to the representations received from the industry, he said.
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