Section 36 in Insurance Regulatory and Development Authority of India (Non-Linked Insurance Products) Regulations, 2019
36.
The insurers shall follow the following procedure for implementation of these Regulations:(a)All new products filed with the Authority after date of notification of these Regulations, shall comply with these Regulations.(b)All existing products complying with these Regulations can continue to be open to new business.(c)All existing products not complying with these Regulations, can continue to be open to new business for a period stipulated by the Authority.(d)Existing products need to be withdrawn or modified to comply with these Regulations during the transition period.(e)The Authority may issue guidelines or circulars with regard to procedure for modification of existing products to comply with these Regulations.(f)Where any product or feature of a product is cleared by the IRDAI, such clearances for the same kind of product or feature shall not be denied to any other insurer. However, the Authority reserves the right to require insurers to withdraw a product or a feature of the product if such product feature is found not to be consistent with policyholder's interests.
