The life insurers are hereby allowed to launch these products without prior approval.
The use and file procedure is subject to following obligations:
- IRDAI may conduct onsite examination of U&F documents.
- Insurer shall submit the certificate signed by the CEO in the standard format as specified in Annexure-A.
- 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.
- 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.
- 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.
