A product that could be launched within 30 days to request permission to surveillance, which is now left open for 12-18 months. The delay in approval due to increased surveillance and a lack of manpower to manage the proposed products, said industry leaders.

Irda below as a guideline, the insurance companies can go ahead and launch the product within 30 days of an application for the proposal, if there is no question or objection to the controller.

"Businesses receive a request from the regulator 29 days of submission, resulting in delays in clearance," said one officer. Most of the products even glance NRA is in the room of health. "Our plan Business is late, because the product is not approved.

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Our personal injury and product Mediclaim is for the Governor for more than a year, "said a senior official of a general insurance company, not wishing to remain anonymous." The turnaround time should be reduced.

This encourages the industry to come up with innovative products as we do not know how long it takes for approval, "said KG Krishnamoorthy Rao, Managing Director and CEO, Future Generali Insurance.

The company is awaiting approval for 12 products, for which applications were filed during the past 18 months. Half of these products in the segment of health. The regulator has also formed a committee to evaluate the health insurance products.

Industry experts said the committee is necessary in the absence of members of the actuary. The post was lying vacant for four months.

"Before the panel is established, the IRDA President would look at all the health products in the absence of an actuary member," the executive said.

Source: [ET]