With this move, all general insurance products, are now permitted to be filed under ‘Use and File’ procedure and can be launched without any prior approval. This will provide the vital fillip to the general insurance companies for a broad-based approach in designing and timely launch of the products commensurate to the market requirements and serve the policyholders effectively, furthering the insurance penetration in India
Hyderabad:
The IRDAI in its sustained endeavor to promote creative innovation and ease of doing business in the sector, has now extended the ‘Use and File’ procedure, i.e. launching without approval, to products falling under Miscellaneous line of insurance with a sum assured up to 5 crores also.
Earlier, though the products with a sum assured above Rs 5 crore could be launched without prior approval of IRDAI, the products with sum assured up to Rs 5 crore still required the regulatory clearance before getting launched in the market.
With this move, all general insurance products, are now permitted to be filed under ‘Use and File’ procedure and can be launched without any prior approval. This will provide the vital fillip to the general insurance companies for a broad-based approach in designing and timely launch of the products commensurate to the market requirements and serve the policyholders effectively, furthering the insurance penetration in India
The Miscellaneous Insurance under general insurance segment is a unique segment
which requires creative conceptualization in order to cater to the ever-evolving needs
of the policyholders, said the IRDAI.