Use and File Procedure for Miscellaneous line of business

IRDAI vide ref. No. IRDAI/NL/CIR/MISC/212/10/2022 dated October, 13, 2022 has issued a Circular on “Product Filing Procedure” (Circular) for Miscellaneous Line of Business under Use & File route which shall come into force with immediate effect. A press release is also issued by the IRDAI in this regard, stating that products for Miscellaneous line of business with a sum insured up to Rs. 5 crores are also permitted under Use and File procedure.

The major highlights of the Circular are as follows:-

• The Authority has now permitted general insurers to file all Retail and Commercial products pertaining to Miscellaneous line of business (including modifications of current products) under the Use and File procedure.
• Pursuant to the above Para 7.2(I) and 7.2 (III) which prescribes provisions pertaining to File and Use Procedures and Use and File Procedures respectively of Guidelines on Product Filing Procedures, for General Insurance products, dated 18th February, 2016 (Guidelines) stands modified to the above effect.
• Insurers are advised to strictly follow the norms stipulated in IRDAI (Protection of Policyholders’ Interests) Regulations, 2017.
• All the other provisions and requirements of Guidelines shall remain applicable.
• New and revision of products / add-ons filed with the Authority prior to the effective date of this Circular are deemed to have been filed under the norms specified herein and shall be processed as per the provisions specified under these guidelines.

Source category: IRDAI

Attachments

• /2022/95_2022-10-13_Use_and_File_Procedure_for_Miscellaneous_line_of_business(1).pdf
• /2022/95_2022-10-13_Use_and_File_Procedure_for_Miscellaneous_line_of_business(2).pdf