A committee constituted by the Irdai has suggested host of changes in the life insurance sector, including in the investment norms to improve the returns generated by the funds. The insurance regulator had notified the IRDAI (Non- linked Insurance Products) Regulations, 2013 and IRDAI (linked Insurance Products) Regulations in February, 2013.
However, it was observed that there is a need to review the regulations due to changing market and economic environment, Irdai said. In Jan this year, it constituted an eight member committee to make recommendations on the amendments required in the regulations.