Hyderabad: The Insurance Regulatory and Development Authority (IRDA) has advised amendments to Obligations of Insurers to Rural or Social Sectors Regulations, 2002. The amendments also give for alignment of obligations with the IRDA (Micro Insurance) Regulations, 2005. As per the Gazette notification hosted on IRDA's Web site, the rural obligations after the sixth financial year for a life insurer should have 18 per cent of the total policies written direct in the seventh financial year, followed by 19 per cent in the eighth and ninth financial years and 20 per cent in the tenth financial year. All insurers should give cover for 25,000 lives, 35,000, 45,000 and 55,000 in the seventh, eighth, ninth and tenth financial years of operation. In the social sector, LIC should give cover to 25 lakh lives each from 2007-08 to 2009-10. The general insurers should have 6 per cent of the total gross premium written in the rural sector during 2007-08 followed by 7 per cent up to 2009-10.
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