Insurance Regulatory and Development Authority of India on 08.02.2021 has Modified guidelines on product filing in health insurance business. These norms are applicable in respect of products filed from 1st April, 2021 onwards. The following categories of the individual products or add-ons or riders of health insurance business offered by General and Health Insurance Companies are permitted to be launched through Use and File Procedure by duly complying with the norms specified in these guidelines:
- Personal Accident insurance products;
- Overseas Travel insurance products;
- Domestic Travel insurance products;
- Benefit Based health insurance products.
Where any Insurer is found to be non-compliant with the guidelines specified herein while launching the products under use and file procedure, the Authority notwithstanding the action that may be taken under the provisions of Insurance Act 1938, may take one or more of the following actions:
- Direct the insurer to withdraw the product.
- Withdraw the Use and File facility for such insurer for a period as may be determined.
