The life insurers allowed to launch new products without prior approval


Insurance Regulatory and Development Authority of India on 23.06.2023 has extended the ‘Use and File’ procedure to Group Unit-Linked Insurance products, Individual Unit Linked Insurance products which are offered with new funds and Combi products wherein Life Insurer acts as the lead.

The life insurers are hereby allowed to launch these products without prior approval.

The use and file procedure is subject to following obligations:

  1. IRDAI may conduct onsite examination of U&F documents.
  2. Insurer shall submit the certificate signed by the CEO in the standard format as specified in Annexure-A.
  3. The insurer shall submit quarterly report as per Annexure-B, with respect to the products launched for the first four quarters from the date of launch of the product.
  4. Insurers shall upload the policy wordings/documents, sales literature, premium calculator, in their website in the chronological order of UINs, before the product is launched or within seven days of allotment of UIN, whichever is earlier.
  5. Insurers shall ensure that the systems, procedures, manuals and all essential infrastructure required for launching the product and maintenance of insurance policies are put in place.

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