J Harinarayan was the Chairman of IRDA for quite a long time when the Insurance industry looted the Indian Public with ULIPs and other Products of mass wealth destruction. IRDA had absolutely no monitoring from the Government as it evident from thousands of complaints listed here.
At the beginning of this Month, T S Vijayan took over as the Chairman of IRDA and immediately issued Guidelines to Safeguard the interest of the consumers as listed below.
IRDA has released the final guidelines for traditional products to be implemented at the latest by 30 September 2013.
The guidelines, akin to guidelines for ULIPs, have rationalised commissions, surrender charges and term of the product. For non-single premium products, commissions are capped
Read moreWas J HariNarayan of IRDA Stalling Insurance Reforms ? New Guidelines for ULIPS