Extension of the implementation period for the new rules on microinsurance

The Insurance Regulatory and Development Authority of India (IRDAI) has extended the implementation period of the new law regulating microinsurance activity. The date for the entry into force of the new legislation has been postponed from January 1 to March 31, 2016.

Regarding this postponement, IRDAI explained that the number of products registered to date by life insurance companies is insufficient.

Let us note that this new law which was introduced on March 13, 2015, manages the distribution of life and non life microinsurance products as well as the code of conduct of the microinsurance agents.