Andhra Pradesh Transport department has served notices to several insurance...
The regulator had notified on March 2015, that all micro-insurance products do not comply with the updated micro-insurance regulation (2015) would be withdrawn with effect from January 1, 2016.
The regulator said that "only a few products" were filed by insurance companies till date. Micro-insurance products are beneficial to the low income group and to ensure their availability the deadline has been extended, IRDAI said in a circular.
The latest micro-insurance code some significant amendments on structure of the product, risk coverage, distribution of such products.