It also withdrew two existing circulars issued in July 2006 and March 2008 with immediate effect.“It is observed in group products that the premiums approved under file and use procedure and the actual premium quoted to various groups appear different...Hence, the Authority withdraws the cited circulars with immediate effect,” T S Vijayan, Chairman, IRDA said.As per the new norms for annuity products, life insurers will have the flexibility to vary annuity rates in the range of -10% to +10% of the approved annuity rates without taking prior approval of IRDA, provided the change is due to changing interest rates scenarios.
