IRDA changes

18-05-2019

*Dear Comrades,*

IRDAI has accepted the continuous requests of our organisation, and on 26/10/2018 issued an exposure draft for Linked and Non linked policies, including very special point for Benifit of lakhs of agents and policyholders, as a policy related decision, provisioning *revival of policies, issued after 01/01/2014 up to the period of 5 years, which are presently being revived within a period of 2 years only*. As soon as Organization received this news on 26/10/2018 during NEC Vadodara, through our RS (IRDAI) *Shri Pratap Reddy ji,* we have immediately placed it with full details before the August House of NEC. IRDAI advised all the stake holders to give their opinion and comments up to 15/11/2018. After taking the opinion of all the stake holders IRDA has sent the regulations for Gazette notification. Our Resident Secretary Shri A.Pratap Reddy ji is continuously monitoring and getting information regarding the progress in the matter. NFIFWI was waiting for the notification of Gazette, to inform to all the members. 

In recent NFIFWI meetings AIP & SG replying to queries of the members, had shared the information of the regulations being sent by IRDA for Gazette notification. We were waiting for the notification, to inform to all the members, which we hope is expected very shortly.  

*We have been receiving various queries since yesterday, regarding the Gazette notification circulated in the social media. On verification it was found that the information is based on an interview given on 7th May by a private company to a news channel (attached herewith for your information). Members are requested not to rely on social media and only rely on the information of NFIFWI, which is aware of all the issues and vigilantly pursuing the issues concerning the class of Development Officers.*

Our Resident Secretary (IRDA) at Hyderabad Sri.A.Pratap Reddy ji is pursuing the issue at IRDA and will inform as soon as the regulations are Gazetted. We wish to once again inform members to only rely on the information sent by the NFIFWI. After the Gazette notification IRDA will issue guidelines on the regulations to all the Insurance Companies which then will come into force. 

*The lapsed Non Linked policies, (policies issued after 1.1.2014) will be allowed for revival up to the period of 5 years which are presently being revived within a period of 2 years only.* 

Further details, after the Gazette notification, will be informed to all members. 

Regards,

*Vivek Singh*
SG-NFIFWI.