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Hyderabad, Nov. 7

The Insurance Regulatory and Development Authority (IRDA) has constituted a working group to examine the current status of annuity products and to come out with recommendations to strengthen the same.

The six-member committee, headed by Mr Peter Akers of Munich Re, would examine requirements for the introduction of variable annuity products and the ways and means through which risk could be mitigated, Mr R. Kannan, Member (Actuary) IRDA said in a circular.

“Ever since the insurance sector was opened up, the insurers have exhibited lot of interest in promoting the pension/annuity business. During 2002-2005, we witnessed a significant growth of annuity business in India, but in the last few years some amount of deceleration was noticed. Given the population growth and the need, a proper pension system has tremendous potential in India,” Mr Kannan said.

There was a need to plan for introducing variable products while ensuring that the customers can get continuous and satisfactory service from life insurers, he added.

The committee would submit its report on or before January 31, 2010, the circular said.

More Stories on : Regulatory Bodies & Rulings | Life Insurance

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