<h1>IRDA Streamlines Insurance Product Approvals to Protect Policyholders and Ensure Consistency, Introduces 2013 Regulations for Various Products.</h1> The Insurance Regulatory and Development Authority (IRDA) emphasizes thorough diligence in approving insurance products to protect policyholders. The approval process involves assessing product suitability, affordability, financial viability, compliance with regulations, stakeholder interests, and other factors like reinsurance and pricing. Lengthy discussions with applicant companies often delay product clearances. To streamline approvals and ensure consistency, IRDA introduced regulations for non-linked, linked, and health insurance products in 2013. These measures aim to address past divergent practices among insurers, as stated by the Minister of State for Finance in a written response to the Lok Sabha.