IRDAI, vide circular bearing reference number IRDAI/ACTL/CIR/PRO/135/06/2023 dated June 20, 2023 has issued a partial modification to the “Use and File” procedure for Life Insurance Products contained in the circular bearing Ref No. IRDAI/ACTL/CIR/PRO/081/3/2023 dated 31st March 2023
The Modification are as follows: –
Para No. 10.4 of Section B of Chapter I
Applicability of the “Use and File” procedure for new life insurance products/riders:
The category of products/riders-
“Individual unit-linked life and health insurance products which are offered with the existing approved funds only”
Now substituted with –
“Individual & Group unit-linked life & health insurance products”
New para 10.10 added to the same provision enabling “Use and File” procedure to the following life insurance product/rider as a new product/rider:
“Combi products, where life insurer is a lead insurer, and such Combi products shall comply with the extant norms”.
New para 11.3.3 added to Section B of Chapter I. As an effect of the same,
Any new Unit Linked Insurance Product filed under the “Use and File” procedure shall fulfil the following specific condition, amongst other conditions mentioned in the provision
“The current SFIN clearance process by IRDAI is dispensed with. However, insurers shall comply with the provisions of Para – 4.15 (a) (1) (2) and (3) of the Investment Master Circular Ref: IRDA/F&I/CIR/INV/226/10/2022 dated October 27, 2022 which contains among others all prudential and exposure norms as per Regulation 9 of IRDAI (Investment) Regulations, 2016 as amended from time to time at each segregated fund, as well as AUM of ULIP”
New para 14.8 added after para 14.7 of Section C of Chapter I. As an effect of the same,
Changes in premium rates/charges and/or benefit amounts due to changes in any of the following (amongst other conditions in the provision) will be processed through Use and File route with change in UIN:
“Addition of new unit linked funds to existing unit linked products. The modifications permitted under this clause shall comply with Para 11.3.3 of Section B of Chapter I, as mentioned under Para-3.3 above. Once the new fund(s) is/are added to existing or new unit linked product(s), the fund(s) shall be treated as existing fund(s) for subsequent unit linked products for the purpose of para-15.4 of circular dated October 04, 2022”
All other provisions of the above referred circulars shall remain unchanged.
This Circular comes into force with immediate effect.
Source category: IRDAI
Attachments
- /2023/222_Use_and_File_Procedure_for_Life_Insurance_Products.pdf
Comments are closed