The Insurance Regulatory and Development Authority of India on 13th October 2022, notified the Product Filing procedure in respect of General Insurance Business.
In order to facilitate the industry to respond faster to the emerging market needs, in terms of designing and pricing of general insurance products and to promote efficiency in the conduct of general insurance business, the Authority, in exercise of the powers conferred under Section 14(2)(i) of IRDA Act, 1999 hereby permits the general insurers to file all products under Miscellaneous lines of business (including modifications of current products) under Use and File procedure for both Retail and Commercial categories.
Further the Insurers are advised to strictly follow the norms stipulated in IRDAI (Protection of Policyholders’ Interests) Regulations, 2017.
