Extension of date for continuance of existing Micro Insurance Products

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• JI~ t,1,1aam INSURANCE REGULATORY AND ir.tai DEVELOPMENT AUTHORITY OF INDIA CIRCULAR Ref: I RDA/LIFE/CIR/ .. MJ.N.1.. ~-.~ /12/2015 December 23, 2015 The Chairman/CEOs of all Life Insurance Companies Re: Extension of date for continuance of existing Micro Insurance Products The Authority hereby draws attention to Regulation VI under Schedule Ill of Insurance Regulatory and Development Authority of India (Micro Insurance) Regulations, 2015; wherein it is mandated that "A// the existing Micro Insurance Products that are not in compliance to these regulations shall be withdrawn with effect from 1st January, 2016." It is observed that since the date of notification only a few products have been filed by the insurance companies till date. Hence to ensure availability of the Micro Insurance (Ml) products adequately in the interest of the segment of low income group, the Authority extends the date for continuance of existing Ml products till 31.03.2016. This Circular is issued by the Authority under the powers vested in Regulation 18 of Insurance Regulatory and Development Authority of India (Micro Insurance) Regulations, 2015 . . Member (Life) mwr ,:rcr.:r, cITTro<K1, •"PIA{<ill•I, ~ - 500 004. 'ITT@ t : 91-040-2338 1100, Wffi: 91-040-6682 3334 i-i'R: irda@irda.gov.in ~: www.irda.gov.in Parisharam Bhavan, 3rd Floor, Basheer Bagh, Hyderabad-500 004. India. Ph.: 91-040-2338 1100, Fax: 91-040-6682 3334 E-mail : irda@irda.gov.in Web.: www.irda.gov.in