Life insurers oppose Irda's surrender charge norms

Life insurers have asked the Insurance Regulatory & Development Authority (Irda) not to enforce the proposed norms for the surrender charges. The Insurance Advisory Council (IAC), chaired by Irda chairman J Harinarayan, met in Hyderabad and was discuss elaborately the proposed norms on standardisation of Ulip products and treatment for the lapsed policies. We had met to discuss a few issues. Nothing had been concluded, said Harinarayan. Irda in a recent note had said that there should be standardisation of the approach to be followed on lapsation, revival and surrender of the linked policies so that the interest of a ...

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