IRDAI has issued circular vide ref. no. IRDAI/NL/CIR/MISC/107/6/2022 dated June 1, 2022 on Product Filing procedure (Circular) to amend certain provisions of Guidelines on “Product Filing Procedures for General Insurance Products” dated February 18, 2016 (Guidelines) and subsequently issued press release on Insurance product approvals made easy dated June 1, 2022 (Press Release).
Background
In accordance with the Guidelines, all retail products (including their modifications) and certain commercial products offered to commercial customers with policy Sum Insured of upto Rs. 5 Crs (packaged policies fire section sum insured) were required to be filed under File and Use Procedures. In order to facilitate the industry to respond faster to the emerging market needs and to promote efficiency in the conduct of general insurance business, IRDAI has issued following directions through the Circular.
Major Highlights of the Circular
- General Insurers are permitted to file all products under Fire, Marine, Motor and Engineering lines of business under Use and File procedure for both Retail and Commercial categories.
- Retail products of Miscellaneous lines of business (including modifications of current products) having initial Sum Insured upto Rs. 5 Crore shall continue to be filed under the File and Use Procedure.
- All other provisions and requirements under the Guidelines shall remain applicable and the Circular comes into force with immediate effect
- New products and revision of products / add-ons filed with IRDAI prior to the effective date of the Circular shall be processed as per the existing provisions.
Source category: IRDAI
Attachments
- /2022/49_Press_release_Insurance_product_approvals_made_easy.pdf
- /2022/49_Product_Filing_procedure-_General_Insurance_products.pdf
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