Section 34 in Insurance Regulatory and Development Authority of India (Unit Linked Insurance Products) Regulations, 2019
34. Segregated funds.
(a)Each Segregated Fund shall have:(i)A 'single' NAV, declared on a day-to-day basis and(ii)Fund management charge, if any, shall be specific to each segregated fund.(b)Each segregated fund shall have identified assets representing the investments of such segregated funds.(c)The Internal or Concurrent Auditor shall certify that such segregation had not resulted in enrichment of one set of policyholders from others due to change in the units or the NAV.(d)The implication, to the policyholder of such change, if any, shall be put on the insurer's website along with the rationale of making such change.(e)The Concurrent Auditor shall confirm the Insurer's adherence to this requirement.
